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, in June 2026, China's refined zinc exports were 2,300 mt, down 1,600 mt MoM. By trading partner, the main destinations were Vietnam, Thailand, and Singapore, accounting for an overall export share above 92%. From the perspective of export profit, although the spot export window to Southeast Asia occasionally opened in June, the window was relatively small. Additionally, spot sales in Southeast Asia weakened MoM and were not smooth, leading to a slight edge down in overall exports.

[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.