SHANGHAI, Mar 30 (SMM) – China's imports of zinc ingots in February fell 43.8% on the month and stood at 37,710 mt. Zinc imports are likely to remain in a downward trend in April, at a slower pace from the previous month, SMM expects.
Zinc imports have seen losses for five consecutive months as the SHFE/LME zinc price ratio declined. Amid sensitive sentiments in the market, LME zinc tumbled from unfavourable macroeconomic factors in March. SHFE zinc also weakened with pressure from shorts due to sluggish domestic consumption.
Fluctuations in the exchange rate are also likely to limit zinc imports. Concerns of a potential trade war continue to shadow the market though such sentiments eased from earlier.
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