2025 Peru Zinc Ores (HS 260800) Export: Market Collapse

Key Takeaways

Zinc Ores, classified under HS Code 260800 (Zinc ores and concentrates), exhibited volatile but strong performance from January to November 2025 before an anomalous November collapse.

• Market Pulse: Exports peaked at $306M in June, recovered to $262M in October, then plummeted 95% to $11M in November—likely due to a reporting anomaly or logistical disruption.
• Structural Shift: Peru Zinc Ores Export revenue is dangerously concentrated, with China Mainland absorbing 57.26% of total value, leaving Peru vulnerable to demand or policy shifts.
• Product Logic: HS Code 260800 trade data reveals a commodity-driven market, where the dominant sub-category (99% share) trades at 1.06 USD/kg, signaling price sensitivity over quality differentiation.

This overview covers the period from January to November 2025 and is based on verified customs data from the yTrade database.

Peru Zinc Ores (HS Code 260800) Key Metrics Trend

Market Trend Summary

The Peru Zinc Ores export trend through January to November 2025 showed volatile but generally strong performance before an anomalous November collapse. Exports opened the year at $139M in January, building momentum through June where they peaked at $306M. After a mid-year correction in July-September, October saw a robust recovery to $262M before volumes cratered 95% in November to just $11M. The overall trajectory reflects cyclical commodity trading patterns with China's dominance as the primary market.

Drivers & Industry Context

The mid-year volatility aligns with updated rules of origin under the EU-Colombia-Peru-Ecuador Trade Agreement effective August 2025 [ytrade.com], which likely prompted shipment timing adjustments. China's consistent 57-60% share of Peru's zinc ores exports [ytrade.com] sustained the value derived from HS Code 260800 through most of 2025. The November crash contradicts all established patterns and likely represents either a data reporting anomaly or temporary logistical disruption, as no policy changes explain such an extreme contraction.

Table: Peru Zinc Ores Export Trend (Source: yTrade)

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Peru HS Code 260800 Export Breakdown

Market Composition & Top Categories

According to yTrade data, Peru's HS Code 260800 export of Zinc Ores is overwhelmingly dominated by one sub-category, accounting for 99% of the total value. This primary sub-code, representing Zinc ores and concentrates, handles 2.14 billion kilograms with a near-total market share. The remaining exports are minimal, consisting of a minor variant with only 1% value contribution. This structure highlights a concentrated market for Peru HS Code 260800 Export.

Value Chain & Strategic Insights

The unit price disparity—1.06 USD/kg for the dominant sub-code versus 0.58 USD/kg for the minor one—points to quality or processing differences within zinc ores. This is a commodity-driven market where price sensitivity prevails, but the higher-priced bulk suggests potential grade specialization. For traders, the HS Code 260800 breakdown indicates that volume and cost efficiency are key, with limited value-add stages in this trade structure.

Check Detailed HS Code 260800 Breakdown

Peru Zinc Ores Destination Countries

Geographic Concentration & Market Risk

Peru's Zinc Ores export destinations show extreme concentration, with China Mainland accounting for 57.26% of total value from January to November 2025. This represents a critical market risk, as over half of Peru's export revenue for this commodity depends on a single buyer. Spain follows as a distant secondary market at 14.58%, while other countries like Canada and South Korea show minimal individual impact below 6%. This lopsided dependence makes Peru vulnerable to any demand shifts or trade policy changes from China.

Purchasing Behavior & Demand Segmentation

The trade partners for Zinc Ores exhibit classic commodity purchasing patterns, where value ratios closely mirror weight ratios across all major buyers. China's nearly identical value (57.26%) and weight (57.35%) ratios indicate uniform pricing for bulk industrial processing rather than quality-based segmentation. Spain shows a marginal value premium, but the overall market operates on volume scale rather than margin potential. This suggests zinc ores are traded as standardized raw materials where price competitiveness outweighs quality differentiation in purchasing decisions.

Table: Peru Zinc Ores (HS Code 260800) Top Destination Countries (Source: yTrade)

Get Peru Zinc Ores (HS Code 260800) Complete Destination Countries Profile

Peru Zinc Ores Buyer Companies Analysis

Buyer Concentration & Market Structure

According to yTrade data, the Peru Zinc Ores export market is overwhelmingly dominated by Key Accounts, who represent 86.95% of total value and 84.20% of volume throughout 2025. These High-Volume Repeaters, including major players like NEXA RECURSOS MINERAIS S.A., operate stable, contract-based supply chains rather than engaging in spot market trading. This concentration reveals a mature market where long-term relationships dictate most transactions among Peru Zinc Ores buyers.

Purchasing Behavior & Sales Strategy

Given this anchor segment's reliance on consistent supply, sales strategy should prioritize contract retention and operational efficiency over customer acquisition. [ytrade.com] indicates China received 60% of volume at competitive prices, suggesting Key Accounts are price-sensitive despite their loyalty. To mitigate concentration risk, suppliers could develop value-added services or explore secondary markets showing premium pricing, like Spain or Brazil, to diversify their HS Code 260800 buyer base without sacrificing core relationships.

Table: Peru Zinc Ores (HS Code 260800) Top Buyers List (Source: yTrade)

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Action Plan for Zinc Ores Market Operation and Expansion

• Diversify Buyer Base: Target secondary markets like Spain (14.58% value share) or Brazil to reduce reliance on China, leveraging their marginal premium pricing.
• Lock in Contracts: Renegotiate long-term agreements with Key Accounts (86.95% of value) to stabilize revenue amid volatility, emphasizing operational efficiency over spot-market chasing.
• Audit Logistics Costs: Streamline shipping and handling for bulk Zinc Ores, where unit economics (1.06 USD/kg) leave little room for margin erosion.
• Monitor Policy Shifts: Track updates to trade agreements like the EU-Colombia-Peru-Ecuador pact to anticipate shipment timing disruptions or tariff advantages.
• Validate November Anomaly: Investigate whether the 95% export drop reflects a data error or systemic risk, adjusting inventory and contracts accordingly.

Take Action Now —— Explore Peru Zinc Ores HS Code 260800 Export Data

Frequently Asked Questions

Q1. What is driving the recent changes in Peru Zinc Ores Export in 2025?

The Peru Zinc Ores export trend showed strong performance peaking at $306M in June 2025, followed by a mid-year correction and a 95% collapse in November. This volatility aligns with trade policy adjustments and likely reflects logistical disruptions rather than demand shifts, given China's stable 57-60% market share.

Q2. Who are the main destination countries of Peru Zinc Ores (HS Code 260800) in 2025?

China dominates Peru's Zinc Ores exports with 57.26% of total value, followed by Spain at 14.58%. Other markets like Canada and South Korea each contribute below 6%, highlighting extreme geographic concentration.

Q3. Why does the unit price differ across destination countries of Peru Zinc Ores Export in 2025?

The price disparity stems from product grade differences—the dominant sub-code (99% share) trades at 1.06 USD/kg, while the minor variant (1% share) averages 0.58 USD/kg, reflecting quality or processing distinctions.

Q4. What should exporters in Peru focus on in the current Zinc Ores export market?

Exporters should prioritize retaining contracts with Key Accounts (87% of value) while diversifying to premium markets like Spain or Brazil to mitigate overreliance on China. Operational efficiency and consistent supply are critical given buyers' price sensitivity.

Q5. What does this Peru Zinc Ores export pattern mean for buyers in partner countries?

China's bulk purchases ensure stable supply but limit pricing leverage, while secondary markets like Spain may offer marginal value premiums. Buyers elsewhere face limited influence due to Peru's concentrated trade structure.

Q6. How is Zinc Ores typically used in this trade flow?

Zinc Ores are traded as standardized raw materials primarily for industrial processing, with China's uniform pricing indicating bulk commodity use rather than quality-driven applications.

Detailed Monthly and Quarterly Report

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