As of June 30, the most-traded SHFE zinc contract closed at 22,495 yuan/mt, up 270 yuan/mt month-on-month, but down 1.21%. In June, zinc prices initially declined before rebounding, hitting a low of 21,660 yuan/mt mid-month and then surging to a high of 22,570 yuan/mt by the end of the month. What will be the trend of zinc prices in July?

SMM Analysis：As 2025 reaches its halfway point, reviewing the first half of the year, the domestic zinc concentrate market maintained a loose supply situation. As of June 27, domestic zinc concentrate TCs rose from 1,950 yuan/mt (metal content) at the beginning of the year to 3,800 yuan/mt (metal content), while imported zinc concentrate TCs increased from -$20/dmt at the beginning of the year to $65.25/dmt, with both domestic and imported zinc concentrate TCs climbing steadily.....

According to the latest customs data, China's imports of unwrought zinc alloy reached 4,285.04 mt in May, up 13.60% MoM and 21.62% YoY. Exports fell to 168.68 mt, down 86.84% MoM and 79.09% YoY.

SMM Analysis：According to the latest customs data, China imported 491,500 mt (metric tons) of zinc concentrate in May 2025, down 0.63% MoM (3,100 mt) from April, but up 84.26% YoY. From January to May, cumulative zinc concentrate imports reached 2.204 million mt, up 52.46% YoY.....

As Q2 draws to a close, how has the overall consumption of zinc oxide been recently? This article will analyze the situation based on changes in operating rates and the demand performance of various downstream sectors.Firstly, data indicates that the operating rates of zinc oxide enterprises in China were lower in April and May compared to the same period last year. What are the reasons behind this? Below are the specifics for each sector......

May marks the tail end of the peak season, with downstream consumption gradually weakening and operating rates in north, east, and south China experiencing varying degrees of decline. How will the operating rate trend in June?

As domestic zinc smelting capacity gradually expands, the reliance of domestic zinc smelters on imported zinc concentrate has been increasing year by year, and market attention to imported zinc ore has intensified. To better serve industrial clients and more closely align with market prices, SMM now plans to upgrade the existing two price point indices, Zn50 Imported TC (weekly) and Zn50 Imported TC (monthly), into the Imported Zinc Concentrate Index (weekly) and Imported Zinc Concentrate Index (monthly), which are scheduled to be launched on June 6.

In recent years, zinc prices have fluctuated largely around the supply-demand imbalance between mining and smelting. With a significant increase in zinc concentrate supply expected for this year, prices may face downward pressure as we expected at the beginning of this year. This is the second report of two, which reviews Q1 production data from major overseas zinc mines from the Asia, Oceania and the Americas, and provides updated forecasts for full-year output.