Chinese zinc imports surge to 29 month high in December

BEIJING (Commodity Online): Zinc imports by China hit a 29 month high in December, as per the latest data released by the General Administration of Customs. China is one of the largest consumers of zinc in the world.

At 54,118 metric tonnes, this was the highest level since July 2009. December imports rose by over 100% from the 25,649 tonnes imported in November. On a Year-on-Year basis, December imports rose by 53%.

LME zinc is currently trading around $2000/tonne, down about 20% from its 2011 highs of around $2500/tonne. In a recent report, Morgan Stanley had stated that Zinc could face further downside pressure in 2012. “In general, we are negative on the metals with sizeable surpluses such as aluminium, nickel, Lead and zinc”, the report said.