As of July 28, LME zinc inventories (including off-warrant stocks) had fallen to 119,600 mt, down by approximately 45,000 mt from mid-June. As overseas inventories continued to decline, the LME zinc market structure shifted from contango to backwardation, with the backwardation widening further. By July 28, the LME zinc cash-to-3M spread had strengthened to US$61.09/mt.

[ Review of H1 2026 Refined Zinc Imports and Exports and Future Outlook] According to customs data, in H1 2026 the global zinc market exhibited a structural divergence of high domestic inventories and low overseas inventories. China’s refined zinc imports showed a rare "one-way decline" pattern, with cumulative imports from January to June reaching 59,600 mt, a cumulative YoY decline of 68.96%, bringing the absolute volume to a historical low......

[June Refined Zinc Imports Exceed Expectations; Will July Exports Increase?] According to the latest customs data, June 2026 refined zinc imports were 5,500 mt, up 500 mt or 9.22% MoM and down 84.85% YoY. January-June cumulative imports reached 59,600 mt, cumulatively down 68.96% YoY. June exports were 2,300 mt, down 40.3% MoM and up 24.49% YoY.

[June refined zinc imports exceeded expectations; can July exports increase?] According to the latest customs data, in June 2026, refined zinc imports were 5,500 mt, up 500 mt or 9.22% MoM and down 84.85% YoY. From January to June, cumulative refined zinc imports were 59,600 mt, down 68.96% YoY. In June, refined zinc exports were 2,300 mt, down 40.3% MoM but up 24.49% YoY.

According to customs data, China's refined zinc imports stood at 5,500 mt in June 2026, up 500 mt MoM. Imports were mainly sourced from Kazakhstan, and by trade mode, they were categorized under Entry and Exit Goods in Bonded Control Areas, which accounted for 61.93% of the total. Due to the persistently closed import window, Ordinary Trade imports were just 300 mt, representing 6.3%.

[Refined zinc export window nearing opening; will exports surge in June?] According to the latest customs data, refined zinc imports in May 2026 stood at 5,000 mt, down 1,000 mt or 17.15% MoM and 81.28% YoY. From January to May, cumulative refined zinc imports reached 54,000 mt, down 65.28% YoY. Refined zinc exports in May were 3,900 mt, down 0.49% MoM but up 177.81% YoY.