Smelters Purchased Less Raw Material, Weekly Zinc Concentrate TCs Remain Stable [SMM Zinc Concentrates Weekly Review]

Published: Mar 21, 2025 14:24

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Smelter Raw Material Purchases Were Low, Weekly Zinc Concentrate TCs Remained Stable: Weekly zinc concentrate TCs remained stable. The SMM Zn50 domestic weekly TC average was flat WoW at 3,250 yuan/mt (metal content), and the SMM Zn50 imported weekly TC average was flat WoW at $35/dmt...

SMM March 21 News: Weekly zinc concentrate TCs remained stable. The SMM Zn50 domestic weekly TC average was flat at 3,250 yuan/mt (metal content), and the SMM Zn50 imported weekly TC average was flat at $35/dmt. In the spot ore market, smelters continued to observe this week with limited raw material procurement activities, keeping zinc concentrate TCs steady. For imported ore, the import window remained closed during the week, with low quotation willingness from ore traders, leading to sluggish overall spot transactions. With continuous arrivals of imported zinc ore, smelters maintained high raw material levels, and domestic zinc mines gradually resumed production, indicating an expected MoM increase in zinc ore supply. Smelters are expected to stand firm on quotes for future TCs. Domestic smelters may start negotiating April zinc concentrate TCs next week, and SMM will continue to monitor subsequent TC changes. On March 17, Boliden announced that its Odda smelter in Norway officially opened today, increasing its annual zinc capacity from 200,000 mt to 350,000 mt, with overall progress largely in line with previous expectations. Testing and trial operations of the new facilities will be gradually implemented in Q2 2025, with full production expected in H2 2025. According to the latest customs data, China's imported zinc concentrates in February 2025 were 461,400 mt (physical tonnage), up 16.28% (64,600 mt) MoM and up 83.73% YoY. Cumulative zinc concentrate imports for January-February 2025 were 858,300 mt (physical tonnage), up 32.64% YoY. This week, total zinc concentrate inventory at China's main ports was 341,400 mt, up 900 mt WoW, maintaining high port inventories.

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