SMM April 24 News:
On a weekly basis, the SMM Zn50 domestic weekly TC average fell 200 yuan/mt Zn WoW to 1,050 yuan/mt Zn, while the SMM imported zinc concentrate index dropped $7.63/dmt WoW to -$36.13/dmt.
Domestic ore market. Sulphuric acid prices stayed high across multiple regions in China this week, prompting smelters to actively purchase raw materials to maintain normal production. According to SMM estimates, losses on China's imported zinc concentrates recently exceeded 2,000 yuan/mt Zn. Given the price advantage, domestic smelters focused on purchasing domestic zinc concentrates this week, and zinc concentrate TCs continued to decline in multiple regions across China.
Imported ore market. Offers for imported zinc concentrates remained low this week, with standard ore offered at around -$40/dmt and some high-grade zinc concentrates offered at -$50 to -$60/dmt. Overall transactions were limited during the week, and imported zinc concentrate TCs continued to fall.
According to the latest customs data, China's zinc concentrate imports in March 2026 totaled 545,600 mt in physical content, up 31.8% MoM from February (131,700 mt in physical content) and up 51.78% YoY. Cumulative zinc concentrate imports from January to March reached 1.5544 million mt in physical content, up 27.64% YoY.
Total SMM zinc concentrate inventories at China's main ports stood at 279,000 mt in physical content this week, down 12,100 mt in physical content WoW, with Fangchenggang contributing the largest share of the decline.
