[Monthly Refined Zinc Import Data] According to the latest customs data, refined zinc imports were 24,100 mt in January 2026 and 4,500 mt in February, with cumulative imports of 28,600 mt from January to February, down 61% YoY.

As of February 12, 2026, LME zinc ingot inventory continued to decline to 103,500 mt, while the LME Cash-3M contango narrowed from over $40/mt in January to below $20/mt. At the same time, due to the Chinese New Year holiday, many downstream zinc enterprises suspended operations, leading to a continued buildup in domestic zinc ingot inventory to over 160,000 mt.

[Import Window Opens in May, Refined Zinc Imports Remain High] According to the latest customs data, refined zinc imports in April 2025 reached 28,200 mt, up 600 mt or 2.4% MoM, and down 38.66% YoY. The cumulative refined zinc imports from January to April 2025 were 129,200 mt, representing a year-on-year decrease of 9.44%. In April 2025, refined zinc exports were 2,500 mt, resulting in a net import of 25,700 mt of refined zinc for the month.

Data from the Customs Statistics Online Query Platform showed that China's refined zinc imports in March 2025 stood at 27,568.473 mt, down 18.12% MoM and 40.50% YoY. Kazakhstan was the top supplier, with refined zinc imports from the country totaling 12,871.239 mt, down 7.75% MoM and 22.38% YoY. Australia was the second-largest supplier, with refined zinc imports from the country reaching 6,641.931 mt, down 57.24% MoM and 57.02% YoY. Below is a breakdown of refined zinc imports in March 2025 based on data from the General Administration of Customs of China: Note: Refined zinc includes unwrought non-alloy zinc with a zinc content ≥99.995%, unwrought non-alloy zinc with a zinc content between 99.99% and 99.995%, and unwrought non-alloy zinc with a zinc content below 99.99%.

On Monday, the most-traded SHFE zinc ZN2506 contract rebounded during the day but was in the doldrums at night, while LME zinc was closed. Spot market: The mainstream transaction prices of 0# zinc in Shanghai were concentrated at 22,500-22,620 yuan/mt, with a premium of 150 yuan/mt against the 2505 contract. As the long-term contract approached its end, there were few traders in the market, and downstream users had certain inventories, purchasing only for rigid demand. Spot transactions did not improve, and the premium continued to decline. SMM: As of Monday, social inventory was 93,000 mt, down 7,000 mt WoW from last Thursday. Customs data: Zinc concentrate imports in March were 35.95 mt, down 22.09% MoM but up 47.16% YoY. Refined zinc imports in March were 27,500 mt, down 18.12% MoM and 40.5% YoY. Overall, tariff negotiations made no substantial progress, and the new US president pressured Powell, increasing market concerns and putting pressure on zinc prices. March zinc ore imports met expectations, while zinc ingot imports slightly exceeded expectations. Refineries had ample raw materials, and supply increases were steadily realized. The peak consumption season supported downstream buying the dip, and inventory dropped to 93,000 mt, with low inventory supporting a weak rebound in zinc prices in the short term. As the rush for export orders was digested and the peak season approached its end, later consumption support was expected to weaken, and the sustainability of the zinc price rebound was insufficient.

【Intermittent Opening of Import Window in April Expected to Increase Refined Zinc Imports】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, the cumulative imports of refined zinc were 100,900 mt, up YoY...