Smelters continue to execute previous contracts, with domestic TCs remaining stable [SMM Zinc Concentrates Weekly Review]

Published: Jun 13, 2025 15:22

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[Smelters Continue to Execute Previous Contracts, Domestic TCs Remain Stable]: This week, domestic zinc concentrate TCs remained stable, while imported zinc concentrate TCs increased MoM. Specifically, the weekly average SMM Zn50 domestic TC price remained flat MoM at 3,600 yuan/mt (metal content), and the SMM imported zinc concentrate index rose by $2.65/dmt MoM to $53/dmt...

SMM News on June 13:

This week, the TCs for domestically produced zinc concentrates remained stable, while the TCs for imported zinc concentrates increased WoW. Specifically, the weekly average SMM Zn50 domestic TC price remained flat WoW at 3,600 yuan/mt (metal content). The SMM Imported Zinc Concentrate Index rose by $2.65/dmt WoW to $53/dmt.

In the spot ore market, as it was mid-month, domestic smelters continued to execute previously signed contracts this week, with limited new purchases. As a result, the TCs for domestically produced zinc concentrates remained stable. For imported zinc concentrates, the unfavorable SHFE/LME price ratio led to the continuous closure of the import window. Offers for domestically imported zinc concentrates and zinc concentrates transferred from ports to domestic trade were very limited. Additionally, domestically produced zinc concentrates had a price advantage, so smelters primarily purchased domestically produced zinc concentrates. Trading activity for imported zinc concentrates was sluggish this week. In terms of specific transactions, domestic smelters and traders recently concluded deals for Bisha zinc concentrates with a Q3 shipment period, totaling 10,000 mt, at a transaction TC of around $50/dmt. It was also learned that offers for Q3 shipments of South American zinc concentrates in containers were around $70/dmt this week, and the TCs for imported zinc concentrates continued to rise. Furthermore, overseas zinc concentrates from mines such as Dugald River, New Century, and Black Mountain were tendered this week, all with a Q3 shipment period and tender volumes of around 10,000 mt each. SMM will continue to monitor the disclosure of subsequent tender results.

This week, the total inventory of zinc concentrates at SMM's main ports in China was 335,000 mt, a decrease of 10,500 mt WoW, indicating a slight reduction in port zinc concentrate inventory.

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