Winning Bid Result of $10 for Antamina Under BHP; Domestic Zinc Concentrate TCs Continue to Rise [SMM Zinc Concentrates Weekly Review]

SMM March 7 News:

Weekly zinc concentrate TCs increased. The weekly average TC for SMM Zn50 domestic ore rose by 100 yuan/mt (metal content) WoW to 3,150 yuan/mt (metal content), while the weekly average TC for SMM Zn50 imported ore increased by $5/dmt WoW to $25/dmt.

In the spot market, zinc concentrate TCs in various regions of China for March were mostly finalized, with smelters primarily sourcing domestic ore. The import window for zinc ore remained closed, and most ore traders adopted a wait-and-see approach, leading to sluggish spot transactions for imported zinc ore during the week. In March, zinc concentrate production in various regions of China gradually recovered from previous shutdowns for maintenance, resulting in a continuous increase in domestic zinc ore supply. However, in February, the raw material inventory days for SMM zinc smelters remained stable at around 28 days. With sufficient raw material inventory, sentiment to stand firm on quotes for TCs persisted, and zinc concentrate TCs in many regions continued to rise during the week. Additionally, the recent tender result for BHP's Antamina zinc ore was $10/dmt, with a tendered volume of 10,000 mt and a shipment period in May 2025. SMM will continue to monitor subsequent tenders and transactions for imported ore.

This week, SMM zinc concentrate inventory at China's main ports totaled 312,200 mt, down by 30,400 mt WoW, indicating a decline in port zinc ore inventory.

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