Core Insights - China's zinc ore and concentrate imports in December 2025 totaled 462,599.36 tons, reflecting a month-on-month decrease of 10.44% and a year-on-year increase of 1.29% [1] Import Sources - Peru was the largest source of imports, supplying 72,656.04 tons in December 2025, which represents a month-on-month decrease of 24.20% but a year-on-year increase of 32.59% [1] - Australia ranked as the second-largest source, with imports of 66,257.96 tons, showing a month-on-month decline of 40.34% and a year-on-year decrease of 42.97% [1]

Core Insights - China's zinc ore and concentrate imports in November 2025 reached 519,018.96 tons, reflecting a month-on-month increase of 52.31% and a year-on-year rise of 14.64% [1] Import Sources - Australia was the largest source of imports, supplying 111,052.78 tons, with a month-on-month growth of 123.16% and a year-on-year increase of 51.32% [2] - Peru ranked second, exporting 96,801.04 tons, with a month-on-month increase of 1.15% and a year-on-year growth of 1.88% [2] - South Africa contributed 50,011.40 tons, showing a month-on-month increase of 73.83% and a significant year-on-year rise of 144.93% [2] - Other notable sources included Russia (36,806.68 tons, +13.75% MoM, +100.19% YoY) and Kazakhstan (32,744.16 tons, +1.63% MoM, +10.82% YoY) [2] Additional Data - The total import volume includes contributions from various other countries, with significant fluctuations noted in imports from countries like Bolivia (22,355.51 tons, +561.73% MoM, +41.00% YoY) and Myanmar (5,489.14 tons, +47.09% MoM, +126.77% YoY) [2] - Some countries experienced declines, such as Nigeria (7,378.76 tons, -25.41% MoM, -13.52% YoY) and Thailand (25.05 tons, no change) [2]

Group 1 - The core point of the article indicates that China's zinc ore and concentrate imports in October amounted to 340,863 tons, representing a month-on-month decrease of 32.48% but a year-on-year increase of 3.19% [1] - Peru's shipment volume increased significantly by 35% to 95,700 tons, reclaiming the top position in supply, while Australia's supply dropped sharply by 60%, falling below 50,000 tons [1] - The price disparity between domestic and international markets has worsened, leading to sustained losses in imported zinc concentrates, which has resulted in a decreased willingness of domestic smelters to purchase imported ores [1]

Core Insights - In October 2025, China's imports of zinc ore and concentrates reached 340,863.41 tons, reflecting a month-on-month decrease of 32.48% but a year-on-year increase of 3.19% [1] Import Sources - Peru emerged as the largest source of zinc ore and concentrates, with imports totaling 95,697.72 tons in October, marking a month-on-month increase of 35.56% and a staggering year-on-year increase of 316.96% [1] - Australia ranked as the second-largest source, with imports of 49,763.56 tons, which represented a month-on-month decline of 60.87% and a year-on-year decrease of 23.78% [1]

Core Insights - In September 2025, China's imports of zinc ore and concentrates reached 505,394.80 tons, reflecting a month-on-month increase of 8.61% and a year-on-year rise of 24.94% [1] Import Sources - Australia was the largest source of imports, supplying 127,166.03 tons, with a month-on-month growth of 57.88% and a year-on-year increase of 12.10% [1] - Peru ranked second, with imports of 70,596.54 tons, showing a month-on-month decrease of 33.40% and a year-on-year decline of 18.46% [1] Detailed Import Data - Oman: 56,102.96 tons, year-on-year increase of 467.54% [1] - Russia: 38,864.31 tons, month-on-month decrease of 15.73% and year-on-year increase of 115.05% [1] - South Africa: 28,887.16 tons, month-on-month decrease of 1.96% and year-on-year increase of 41.63% [1] - Other notable sources include: - Bolivia: 26,184.53 tons, month-on-month increase of 559.04% and year-on-year increase of 312.64% [1] - Kazakhstan: 24,859.83 tons, month-on-month increase of 25.85% but year-on-year decrease of 37.48% [1] - Democratic Republic of the Congo: 12,618.32 tons, month-on-month decrease of 40.62% [1] - Nigeria: 11,554.36 tons, month-on-month increase of 5.88% and year-on-year increase of 42.69% [1] Summary - The total import volume of zinc ore and concentrates in September 2025 indicates a robust demand in the Chinese market, with significant contributions from Australia and fluctuations in other sources [1][2][3]

Group 1 - The core point of the article highlights that China's zinc ore and concentrate imports in August amounted to 467,301 tons, representing a month-on-month decrease of 6.51% but a year-on-year increase of 30.87% [1] - Peru has become the largest supplier of zinc ore, with shipments increasing by 16.46% month-on-month to over 100,000 tons, replacing Australia, which has seen a decline in shipments [1] - Despite the closure of the import window for zinc ore in August, the demand from smelters remains strong, leading to high import volumes due to previously ordered zinc ore arriving at ports [1]

Group 1 - The core point of the article highlights a significant increase in China's zinc ore and concentrate imports in July, with a month-on-month growth of 51.97% and a year-on-year increase of 37.65% [1] - Australia showed the most notable increase in supply, with a staggering 242% rise to approximately 118,780 tons [1] - Peru and South Africa also experienced substantial supply increases, both exceeding 30% on a month-on-month basis [1] Group 2 - The overall supply of zinc ore is becoming more abundant, leading to a recovery in processing fees for both domestic and imported zinc concentrates [1] - As a result of improved processing fees, smelter profits are favorable, which in turn boosts production enthusiasm among smelters [1]

Core Insights - China's zinc ore and concentrate imports in July 2025 reached 501,424.97 tons, marking a month-on-month increase of 51.97% and a year-on-year increase of 37.65% [1][2]. Import Data Summary - Australia remains the largest supplier, with imports of 118,780.25 tons, reflecting a month-on-month increase of 242.61% and a year-on-year increase of 73.71% [1][2]. - Peru is the second-largest supplier, with imports of 92,672.67 tons, showing a month-on-month increase of 30.89% and a year-on-year increase of 24.94% [1][2]. - Other notable suppliers include: - Russia: 59,797 tons, down 3.09% month-on-month, up 110.13% year-on-year [2]. - South Africa: 28,516.67 tons, up 39.98% month-on-month, up 154.97% year-on-year [2]. - Mexico: 23,011.11 tons, up 300.70% month-on-month, up 115.51% year-on-year [2]. - Democratic Republic of the Congo: 15,105.60 tons, up 16.59% month-on-month [2]. - The total import volume includes data from other unspecified origins [3].

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - Zinc: The Shanghai zinc futures continue to rebound. - Lead: Supported by the cost of recycled lead and with signs of demand recovery, the lead price is clearly supported. Attention should be paid to the resistance level at 17,500 [61]. 3. Summary According to the Table of Contents 3.1. Multi - Empty Focus 3.1.1. Zinc - Bullish factors: The US index is expected to decline, and there are disturbances in the supply side overseas. - Bearish factors: Zinc ingot inventory has a slight increase [7]. 3.1.2. Lead - Bullish factors: There is a regional shortage in the supply of recycled lead, the price of waste batteries has increased, and social inventory has decreased. - Bearish factors: Consumption has not significantly recovered [10]. 3.2. Data Analysis 3.2.1. Zinc - **Import of zinc ore concentrates**: In May 2025, China's import volume of zinc ore concentrates was 491,522.01 tons, a month - on - month decrease of 0.64% and a year - on - year increase of 85.28%. The supply from major countries decreased, but other countries increased their supply, resulting in the May import volume being basically the same as that of the previous month. Recently, the import zinc ore processing fee has been rebounding, and there is an expectation of a marginal loosening of the ore supply [12]. - **Processing fees**: In June, the average domestic zinc concentrate TC increased by 150 yuan/metal ton month - on - month to 3,650 yuan/metal ton, and the average imported ore TC increased by 10 dollars/dry ton month - on - month to 55 dollars/dry ton. The short - term weekly processing fees were relatively stable. The CZSPT released the guidance price range for the US dollar processing fee for imported zinc concentrates before the end of the third quarter of 2025: 80 dollars (average) - 100 dollars (average)/dry ton [15]. - **Zinc concentrate prices**: The price of 50% zinc concentrate in Hechi increased by 210 yuan/ton to 17,060 yuan/ton compared with last week; the price of 50% zinc concentrate in Chenzhou increased by 240 yuan/ton to 17,150 yuan/ton [20]. - **Zinc production**: In May 2025, China's zinc production was 583,000 tons, a year - on - year decrease of 2.3%. In June, there were both new capacity releases and production resumptions, as well as some production cuts due to maintenance [23]. - **Refined zinc import**: In May 2025, China's refined zinc import volume was 26,716.511 tons, a month - on - month decrease of 5.36% and a year - on - year decrease of 39.85%. Kazakhstan was the largest supplier, and Australia was the second - largest supplier [26]. - **Automobile market**: In May, the production and sales of new energy vehicles reached 1.27 million and 1.307 million respectively, with year - on - year growth of 35% and 36.9% respectively. The new energy vehicle sales accounted for 48.7% of the total vehicle sales, reaching a new high. In May, China's total vehicle exports were 551,000, a month - on - month increase of 6.6% and a year - on - year increase of 14.5% [30]. - **Zinc inventory**: The LME zinc inventory has been continuously declining since reaching a three - month high on April 17, and the latest inventory level is 119,850 tons, a two - month low. The SHFE zinc inventory increased in the week of June 20, with a weekly decrease of 1.79% [33]. 3.2.2. Lead - **Lead futures and cash**: This week, the lead futures and cash prices continued to rise, the basis was 135 yuan/ton, and the premium range expanded. The price difference between 1 lead and recycled refined lead was 290 yuan/ton, a decrease of 50 yuan/ton compared with last week, and the refined - scrap price difference was strengthening [37]. - **Lead concentrate prices and processing fees**: The weekly price of 60% lead concentrate in Kunming fluctuated by 50 yuan/ton; the weekly price of 60% lead concentrate in Baoji decreased by 42 yuan/ton. As of June 20, the lead concentrate processing fee in Jiyuan was 900 yuan/ton, a decrease of 400 yuan/ton compared with last week; the lead concentrate processing fee in Chenzhou was 400 yuan/ton, a decrease of 300 yuan/ton compared with last week; the lead concentrate processing fee in Gejiu was 400 yuan/ton, the same as last week [41]. - **Lead production**: In May 2025, China's lead production was 649,000 tons, a year - on - year decrease of 5.7%. In June, more electrolytic lead smelting enterprises were under maintenance, while some recycled lead smelters were expected to resume production and some planned to increase production [45]. - **Lead industry operating rates**: The operating rate of primary lead smelters increased to 70.79% month - on - month. The operating rate of recycled lead enterprises decreased by 4.1 percentage points to 32.1% month - on - month. The operating rate of lead - acid battery enterprises increased by 11.8 percentage points to 72.19% month - on - month [48][50][54]. - **Lead inventory**: As of June 26, the LME lead inventory decreased, with the latest level at 273,250 tons. The SHFE lead inventory increased by 1.24% to 51,929 tons in the week of June 20. As of June 26, the total social inventory of lead ingots in five regions was 56,000 tons, the same as on June 19 and an increase of more than 300 tons compared with June 23 [58].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The zinc price's box - style oscillation pattern awaits a breakthrough, while the lead price is expected to remain volatile. Attention should be focused on the price trend of waste batteries [4][64]. 3. Summary According to the Table of Contents 3.1 Report Abstract - The US ADP employment increase in a certain month was 1.37 million, lower than the expected 1.5 million and the previous value of 2.625 million, reaching the lowest level in years. The market focused on this data [4]. - China's manufacturing PMI in a certain month was 49.5%, up 0.5 percentage points from the previous month, but still below the critical point. It was the first time to fall below the critical point in a certain period [4]. - The European Central Bank mentioned continued small - scale interest rate cuts, and countries would increase investment in national defense and infrastructure, providing support on a broader macro - level [4]. - The China Zinc Raw Material Joint Negotiation (Coordination) Group announced the guidance price range for imported zinc concentrate procurement fees in the third quarter of 2025 [4]. - The supply of zinc raw materials remained loose, and the zinc ingot output might have a large - scale increase. The domestic zinc ingot social inventory decreased slightly, and the low inventory supported the zinc price [4]. - The supply of recycled lead was unstable, and the inventory of lead ingots in the national market increased. The consumption of waste batteries was weak, and the lead price was expected to remain volatile [4]. 3.2 Multi - and Short - Focus 3.2.1 Multi - and Short - Factors Analysis (Zinc) - Bullish factors: The output of domestic and foreign zinc mines may accelerate in June, and the zinc ingot output ratio may have a large - scale increase, and the social inventory has decreased [7]. - Bearish factors: The consumption end is weak [7]. 3.2.2 Multi - and Short - Factors Analysis (Lead) - Bullish factors: The supply of recycled lead is still unstable [10]. - Bearish factors: The operating rate of primary lead enterprises is high, the price of waste batteries is running weakly, and the off - season consumption has not improved significantly [10]. 3.3 Data Analysis 3.3.1 Zinc - Related Data - In April, China's zinc ore concentrate imports were 494,662.21 tons, with a month - on - month increase of 37.64% and a year - on - year increase of 72.63%. The supply from major countries increased, and Australia became the top supplier [12]. - In June, the average domestic zinc concentrate TC increased by 150 yuan/metal ton to 3,650 yuan/metal ton, and the average imported ore TC increased by 10 dollars/dry ton to 55 dollars/dry ton. The China Zinc Raw Material Joint Negotiation (Coordination) Group released the guidance price range for imported zinc concentrate procurement fees [15]. - The price of zinc concentrate slightly increased. The price of 50% zinc concentrate in Hechi was 17,930 yuan/ton, up 90 yuan/ton from the previous week; in Chenzhou, it was 17,700 yuan/ton, up 70 yuan/ton from the previous week [20]. - In April, China's refined zinc output was 576,000 tons, down 39,000 tons from March, with a year - on - year slight increase of 0.3%. From January to April, the cumulative output was 2.333 million tons, and the year - on - year decline narrowed to 2.9%. Due to the increase in zinc ore processing fees, the smelter's production profit was repaired [23]. - In April, refined zinc imports were 28,200 tons, with a month - on - month increase of 2.4% and a year - on - year decrease of 38.66%. From January to April, the cumulative imports were 129,200 tons, with a year - on - year decrease of 9.44% [26]. - Policies such as the new energy vehicle countryside campaign and urban renewal were introduced, which may have an impact on the consumption of zinc in related industries [30]. - As of June 5, the LME zinc inventory was 137,150 tons, down 1.44% from the previous week. The SHFE zinc inventory decreased by 4% to 42,310 tons in the week of May 30. As of June 5, the zinc ingot inventory in the national main markets was 58,300 tons, down 900 tons from June 3 [33]. 3.3.2 Lead - Related Data - This week, the lead futures and spot prices rebounded after hitting the bottom. The basis was 55 yuan/ton, and the premium range narrowed. The price difference between 1 lead and recycled refined lead was 110 yuan/ton, down 60 yuan/ton from the previous week [38]. - The weekly price of 60% lead concentrate in Kunming decreased by 257 yuan/ton, and in Baoji, it decreased by 251 yuan/ton. As of May 30, the lead concentrate processing fees in different regions changed, with some decreasing and some increasing [42]. - In April 2025, the lead concentrate imports were 111,046 physical tons, with a month - on - month decrease of 4.3% and a year - on - year increase of 22.1%. As of 2025, the cumulative lead concentrate imports were about 448,700 physical tons, with a year - on - year increase of 41%. In April, the refined lead imports were 4,734 tons, with a month - on - month increase of 65% [46]. - In April 2025, China's lead output was 664,000 tons, with a year - on - year decrease of 1%. Both primary lead and recycled lead production decreased in April, but some enterprises resumed production in May [48]. - The operating rate of primary lead increased by 5.98 percentage points to 66.26%. The operating rate of recycled lead enterprises increased by 10.94 percentage points to 62.91%, and the operating rate of lead batteries increased by 1.99 percentage points to 74.34% [51][53][57]. - Last week, the LME lead inventory decreased after a large - scale increase, and the SHFE lead inventory decreased by 3.98% to 46,500 tons in the week of May 30. As of June 5, the national main market lead ingot social inventory was 50,800 tons, up 3,900 tons from June 3 [61]. 3.4 Market Outlook - The zinc price's box - style oscillation pattern awaits a breakthrough; the lead price is expected to remain volatile, and attention should be paid to the price trend of waste batteries [64].