[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.

[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.

[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.

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.

[SMM Morning Meeting Minutes: Overseas Inventories Increase Slightly, LME Zinc Maintains Fluctuating Trend] Last Friday, LME zinc opened at $3,050/mt. In early trading, the price center fluctuated upward, reaching a high of $3,072/mt, then pulled back. During the night session, it once fell to $3,045.5/mt, before fluctuating and rebounding toward the session's close, ultimately settling up at $3,066.5/mt. This represented an increase of $15.5/mt compared to the previous trading day, a gain of 0.51%. Trading volume decreased to 91,783 lots, while open interest fell by 4,145 lots to 221,000 lots.

As of 22th of October, LME zinc stocks have headed down to roughly 34,700 tons, with only 24,850 tons of on-warrant inventory immediately available for pick up, this is barely sufficient to cover one day of global zinc consumption. Comparing with the level at the start of the year (230,325 tons), LME inventory saw a drawdown by around 85%. This article addresses the current situation and gives forecasts on where the squeeze may head to.

On October 21st, the LME zinc market experienced an exceptional physical squeeze, with the cash-to-three-month spread (Cash–3M) widening beyond $320 per ton—the highest level since 1997. According to LME data, total zinc inventories have fallen to 37,000 tons, including 13,000 tons of cancelled warrants, leaving only about 24,000 tons available for delivery, less than one day of global consumption. Meanwhile, six institutions reportedly hold nearby long positions equivalent to roughly 300% of available stocks, intensifying short-covering pressure and exposing short holders without physical delivery capacity to significant losses. SMM will continue to monitor market developments and the potential impact of Chinese zinc exports on supply relief.

[Imports and Exports of Refined Zinc] According to the latest customs data, refined zinc imports in September 2025 were 22,700 mt, down 3,000 mt or 11.6% MoM and down 57% YoY. Cumulative refined zinc imports for January-September reached 258,200 mt, down 19.3% YoY. Refined zinc exports in September were 2,500 mt, resulting in net refined zinc imports of 20,200 mt for the month.