As of May 26, the Shanghai-LME zinc price ratio stood at 6.97, continuing its downward trend from 7.4 recorded in late March, which has led to a widening import loss of refined zinc ingots in China. According to calculations by Shanghai Metals Market (SMM), the current import loss of China’s refined zinc ingots has expanded to approximately RMB 3,800 per metric ton of metal.

[Will Refined Zinc Maintain Net Imports in April with Exports Increasing in May?] According to the latest customs data, refined zinc imports in April 2026 were 6,000 mt, down 8,400 mt or 58.27%% MoM, and down 78.62% YoY. Cumulative refined zinc imports from January to April were 49,000 mt, down 61.98% YoY cumulatively. Refined zinc exports in April were 3,900 mt, down 16.22% MoM and up 59.21% YoY.

According to the latest customs data, refined zinc imports in April 2026 were 6,000 mt, down 8,400 mt or 58.27% MoM, and down 78.62% YoY. Cumulative refined zinc imports from January to April were 49,000 mt, down 61.98% YoY cumulatively. Refined zinc exports in April were 3,900 mt, down 16.22% MoM, and up 59.21% YoY. Cumulative refined zinc exports from January to April were 14,000 mt, up 59.69% YoY cumulatively. That is, net imports of refined zinc in April were 2,000 mt, with cumulative net imports from January to April of 34,500 mt.

[SMM Data: Complete Summary of SMM March 2026 Import and Export Data] SMM March 2026 import and export data showed: copper cathode net imports were down YoY; primary aluminum imports reached 255,000 mt, up 14.8% YoY; refined lead imports climbed sharply; zinc ingot imports were up 220% MoM; tin ore imports were up 122% YoY; silver imports were up 93% MoM; steel exports rebounded MoM; PV module export value was up 122.7% MoM; silicon metal exports were up 43% MoM, and magnesium exports hit a multi-year high. Among new energy materials, exports of LiPF6 and artificial graphite surged significantly.

[Zinc Ingot Imports Surged Beyond Expectations in March — How Will April Trade Flows Unfold?] According to the latest customs data, refined zinc imports in March 2026 totaled 14,400 mt, up 9,900 mt or 220.14% MoM and down 47.53% YoY. Cumulative refined zinc imports from January to March reached 43,000 mt, down 57.32% YoY. Refined zinc exports in March were 4,700 mt, resulting in net exports of 32,500 mt of refined zinc from January to March.

[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.

According to the latest customs data, refined zinc imports in December 2025 were 8,700 mt, down 9,500 mt or 51.94% MoM, and down 73.4% YoY. From January to December, cumulative refined zinc imports reached 304,000 mt, a cumulative decrease of 31.78% YoY. Refined zinc exports in December were 27,200 mt, resulting in a net export of 18,500 mt for the month.

[Refined Zinc Exports in November Significantly Exceed Expectations, Can It Be Sustained in December?]According to the latest customs data, China's refined zinc imports in November 2025 totaled 18,200 mt, down 600 mt or 3.22% MoM, and down 48.15% YoY. Imports from January to November amounted to 295,000 mt, a cumulative decrease of 28.46% YoY. Exports of refined zinc in November were 42,800 mt, resulting in a net export volume of 24,600 mt for the month.

The SMM Imported Zinc Concentrate Index for this week is $50.13/dmt, with a 11.8% WoW decrease. Meanwhile, SMM Zn50 zinc concentrate domestic weekly average TC runs at around 1600rmb/dmt. The SMM Imported Lead Concentrate average spot TC for this week is still at $-135/dmt, unchanged WoW.