China's refined zinc exports rose sharply in September 2026 while imports collapsed, according to the latest customs data cited by Shanghai Metals Market (SMM) in an analysis published on October 20, 2026. Refined zinc exports reached 70,400 mt in September, up 30,000 mt or 73.17% month on month and up 2,742.16% year on year. Imports fell to 600 mt, down 1,800 mt or 75.16% month on month and down 97.38% year on year.
Net refined zinc exports for the month were 69,800 mt. On a cumulative basis, January-September refined zinc exports totalled 141,100 mt, up 804.69% year on year, while imports totalled 67,700 mt, down 73.78% year on year. SMM said the main import sources in September were Australia at 200 mt, Japan at 200 mt and India at 100 mt.
The main export destinations were Hong Kong, China at 21,600 mt, Singapore at 19,600 mt and Taiwan, China at 18,800 mt. According to SMM, ordinary trade accounted for 95% of zinc ingot exports, with the remainder conducted as entry and exit goods in bonded control areas. SMM attributed the continued growth in exports to a low SHFE/LME zinc price ratio, which kept the refined zinc export window open through September.
Looking at October, SMM reported that rising US Treasury yields and a stronger US dollar weighed on base metals, while LME zinc continued to see deliveries into warehouses. Domestically, social inventories declined as zinc ingots were exported. Smelter profits were significantly compressed, and production recovery fell short of expectations.
The SHFE/LME zinc price ratio recovered somewhat, narrowing zinc ingot import losses to within 4,000 yuan/mt. SMM reported that exports to Southeast Asia for delivery were loss-making, with estimated losses ranging from around 300 yuan/mt to over 700 yuan/mt. SMM concluded that both the import and export windows were closed at the time of its analysis.
Nevertheless, SMM expects October zinc ingot exports to remain around 20,000 mt, as the export window was still open during the National Day holiday, while zinc ingot imports are expected to stay low. Source: SMM (Shanghai Metals Market) analysis, based on latest China customs data and SMM's internal database models. SMM notes that its data are for reference only and do not constitute investment advice.
Source: news.metal.com