[SMM Analysis: Zinc Smelters Are Expected to "Profit" — What Is the Outlook for Processing Fees?]
As of February 21, domestic zinc concentrate TCs rose to 2,750 yuan/mt (metal content), while imported zinc ore TCs increased to $20/dmt. Since the beginning of 2025, domestic and international zinc concentrate TCs have risen by 900 yuan/mt (metal content) and $40/dmt, respectively, with the growth rate significantly outpacing that of H2 last year. Can this upward trend be sustained? What is the future trajectory of processing fees...


![Zinc de Tianjin: Los precios del zinc repuntan, la demanda downstream se mantiene cautelosa [Comentario de mediodía de SMM]](https://imgqn.smm.cn/usercenter/tAyyp20251217171754.jpg)
