SMM Survey: China's Zinc Ingot Inventory Rises to 270,400 MT by Aug 20

According to South Korean regulatory filings, Korea Zinc reported consolidated Q2 operating profit of ₩587 billion, versus ₩1.5 billion for Young Poong. Their respective H1 cumulative operating profits were ₩1.33 trillion and ₩44.8 billion. Korea Zinc’s Onsan smelter maintained 100% utilization in H1, while Young Poong’s zinc-focused Seokpo smelter utilization declined from 57.23% in Q1 to 51.7% in Q2, though it remained above the 45.95% recorded for full-year 2025. Young Poong’s Q2 revenue rose 42.2% year on year to ₩853.2 billion and operating profit turned positive from a ₩94.1 billion loss a year earlier but fell sharply from ₩43.3 billion in Q1. Environmental uncertainty remains material: financial regulators imposed a fine of about ₩20.4 billion over the accounting treatment of soil and groundwater remediation costs. The climate, energy and environment minister said a suspension could be imposed if continued operation at the current site is determined to threaten the Nakdong River drinking-water source; no shutdown has been ordered.

Saudi Aramco and Saudi Arabian Mining Co. (Ma’aden) have signed a shareholders’ agreement to form a joint venture for copper exploration and hard-rock mining across approximately 182,000 square kilometres of Saudi Arabia’s Zone-4. Ma’aden will hold 51% and Aramco 49%. Copper is the primary exploration target, with zinc, lead, rare earth elements and other minerals included in the broader target portfolio. The agreement remains subject to corporate, regulatory and antitrust approvals. Aramco will contribute roughly 90 years of subsurface data, computing resources and AI/ML tools, while Ma’aden will provide mining, exploration and operating expertise. No capital commitment, exploration budget, drilling programme, resource estimate or timetable has been disclosed; the venture remains an early-stage exploration platform rather than evidence of an economic copper, zinc or lead discovery.

[SMM Zinc Morning Comment] Overnight, SHFE zinc recorded a small bullish candlestick with a long upper shadow, facing resistance from the 20-day moving average above. Overnight, affected by expectations of improved liquidity outside China, prices rebounded slightly, but LME deliveries and...