SMM, October 22: According to the latest customs data, in September 2024, imported zinc concentrate reached 404,500 mt, up 13.05% MoM (46,700 mt) but down 6.37% YoY. From January to September, the cumulative import volume of zinc concentrate was 2.8528 million mt, down 19.23% YoY.
By country, in September 2024, the top three sources of imports were: Australia (113,400 mt, 28.02%), Peru (86,400 mt, 21.36%), and Kazakhstan (39,500 mt, 9.77%). MoM, significant increases were seen from Australia, the US, Peru, and Kazakhstan, while imports from Saudi Arabia, Chile, and Cuba decreased to varying degrees.
SMM believes the reasons for the MoM increase in zinc concentrate imports in September are as follows:
1. The domestic ore shortage persisted in September, coupled with the recovery in zinc ingot production by domestic smelters, leading to increased demand for imported ore.
2. The import window for zinc ore remained open in September, facilitating the inflow of imported ore.
3. Significant increases in zinc ore imports from Australia, Peru, and Kazakhstan contributed to the substantial growth.
Entering October, the expectation of domestic stockpiling for winter combined with seasonal production cuts in Q4 has led to strong demand for zinc concentrate from smelters. Coupled with the continued inflow of previously purchased imported zinc ore, zinc ore imports are expected to remain high in October.
