锌精矿进口增量明显，精锌出口量符合预期——2025年12月中国锌贸易浅析

Core Viewpoint - The import of zinc concentrate has significantly increased, while the export of refined zinc and zinc alloys has shown mixed trends, indicating a dynamic shift in the zinc market landscape for 2025. Group 1: Zinc Concentrate Imports - In November 2025, the import volume of zinc concentrate reached 519,000 tons, representing a year-on-year increase of 13.8% and a month-on-month increase of 52.3% [1] - From January to November 2025, the cumulative import of zinc concentrate totaled 4.862 million tons, reflecting a year-on-year increase of 33.8%, with a narrowing growth rate of 2.8 percentage points compared to the previous ten months [1] - Major sources of zinc concentrate imports include Australia, Peru, Russia, and Kazakhstan, with significant increases in imports from these countries [3] Group 2: Refined Zinc Imports and Exports - In November 2025, China imported 18,000 tons of refined zinc, marking a year-on-year decline of 48.1% and a month-on-month decrease of 2.9% [4] - Cumulatively, from January to November 2025, refined zinc imports totaled 295,000 tons, down 28.7% year-on-year [4] - The export volume of refined zinc in November was 43,000 tons, showing a remarkable month-on-month increase of 402.6% and a cumulative export of 67,000 tons from January to November, which is a year-on-year increase of 437.5% [6] Group 3: Zinc Alloy Trade - In November 2025, China imported 3,343 tons of zinc alloy, a year-on-year decrease of 25.9% but a month-on-month increase of 8.0% [8] - The cumulative import of zinc alloy from January to November 2025 was 40,222 tons, down 11.0% year-on-year [8] - The export volume of zinc alloy in November was 1,792.8 tons, which is a year-on-year increase of 103.3% and a month-on-month increase of 567.2% [8] Group 4: Zinc Material Exports - In November 2025, the import of zinc materials was 513.3 tons, reflecting a year-on-year decrease of 43.1% but a month-on-month increase of 34.9% [10] - The export of zinc materials in November was 1,257.7 tons, showing a year-on-year increase of 26.6% and a cumulative export of 12,000 tons from January to November, which is a year-on-year increase of 11.9% [10] - The cumulative net export of zinc materials from January to November 2025 was 4,209.5 tons, representing a year-on-year increase of 13.4% [10]