Customs data shows that China's refined zinc imports reached 6,000 tonnes in April 2026, representing a month-on-month decrease of 58.13% and a year-on-year plunge of 88.17%. From January to April 2026, total imports stood at 69,000 tonnes, down 56.87% compared to the same period last year.
In terms of supply sources, Kazakhstan remained China's largest supplier of refined zinc. In April, the top five source countries were Kazakhstan, South Korea, Australia, India, and the United States. Imports from Kazakhstan dominated with 4,500 tonnes, accounting for 74.26% of the total import volume. South Korea ranked second with 700 tonnes (11.52%), followed by Australia with 500 tonnes (8.53%).
According to customs data, China exported 3,800 tonnes of zinc ingots in April 2026, a decrease of 17.73% month-on-month, resulting in a net import position of 2,200 tonnes for the month.
Exports of refined zinc declined in April. Specifically, exports to Vietnam were approximately 1,300 tonnes, accounting for 33.59% of the total export volume; exports to Thailand were 900 tonnes (23.88%); exports to Indonesia were 700 tonnes (18.52%); and exports to Japan were 400 tonnes (11.06%).
According to Mysteel statistics, the SHFE-LME price ratio (tax included) fluctuated between 8.12 and 8.3 in April, with import losses ranging from 3,048.84 to 4,006.75 yuan/tonne, indicating a further widening of losses compared to March. The export loss margin stood between 191.39 and 1,045 yuan/tonne, keeping the export window firmly closed throughout the month.
In summary, China's refined zinc imports and exports both declined month-on-month in April 2026, with imports experiencing a particularly sharp drop. While the import window remained shut, exports saw some growth but remained limited in scale, leaving the domestic market maintaining a net import structure, albeit significantly narrowed.
In May, the divergence in the global zinc market--characterized by "tight supply overseas versus loose supply domestically"--continues to deepen. Imports remain constrained by closed import arbitrage windows and tight overseas availability, while exports have seen tentative growth driven by favorable cross-market ratios, albeit on a limited scale.
Market participants are advised to closely monitor domestic and overseas inventory levels, the SHFE-LME price ratio, the progress of overseas production resumption, and the maintenance schedules of domestic smelters.
Written by Regina Wang, wangjiaqie@mysteel.com
