The import window opened intermittently in April, and it is expected that refined zinc imports may increase [SMM Analysis].

SMM, April 21:

According to the latest customs data, refined zinc imports in March 2025 were 27,500 mt, down 6,100 mt or 18.12% MoM, and down 40.5% YoY. From January to March, cumulative refined zinc imports reached 100,900 mt, up 4.48% YoY. In March, refined zinc exports were 1,400 mt, resulting in a net import of 26,100 mt.

The top three countries for refined zinc imports in March were Kazakhstan (12,900 mt, 46.69%), Australia (6,600 mt, 24.09%), and Peru (2,400 mt, 8.58%). From the import data by country, Kazakhstan and Australia remained in the leading positions.

Although the import window closed in March, trade mode data showed that entrepot trade by customs special control areas and entry and exit goods in bonded control areas accounted for 48% of the total, combined with imports under long-term contract, the overall import volume slightly exceeded expectations.

Entering April, tariff issues escalated, and the risk of overseas economic recession increased. With the domestic market outperforming the overseas market, the SHFE/LME price ratio quickly recovered. Coupled with a significant transfer of around 80,000 mt to LME delivery warehouses and continued destocking in domestic inventory, the import window opened, and goods from bonded areas flowed into the domestic market. Meanwhile, subsequent spot orders from overseas are expected to arrive gradually, combined with imports under long-term contract, refined zinc imports in April are expected to increase to over 30,000 mt.

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