SMM

According to the latest customs data, China’s zinc oxide exports in November 2023 were 1,146.56 mt, an increase of 1.14% month-on-month, and a decrease of 13.73% YoY; the cumulative zinc oxide export volume from January to November 2023 was 14,063.57 tons, down 19.20% year-on-year.
Exports to Vietnam were 446.06 mt in November and 38.91% of total, ranking first. This was followed by exports to the US (162.52 mt or 14.17% of total). Kenya received 85 mt, 7.41% of total and ranking third.
The spot USD/RMB exchange rate dipped from 7.17 to 7.10 in November. Slowly appreciating RMB slightly affected exports. Due to off-season and falling operating rates at domestic zinc oxide plants, exports may continue to fall in December.
According to customs data, zinc oxide imports in November 2023 were 276.12 mt, a month-on-month decrease of 26.47%, and a year-on-year decrease of 35.03%; the cumulative zinc oxide imports from January to November 2023 were 4736.12 mt, a year-on-year decrease of 26.47%. Overall, affected by sluggish domestic downstream demand, zinc oxide imports in November weakened both MoM and YoY.