According to SMM, most galvanizing plants in North China adopted measures such as reduced operating rates or short-term shutdowns during this period, directly leading to a significant contraction in domestic zinc slag supply. Amid the supply-demand imbalance, the zinc slag payable indicator recently rose by approximately 2 percentage points. For zinc oxide enterprises, over 60% of production uses zinc slag as raw material. The increase in raw material prices has directly translated into rigid cost pressures, continuously squeezing profit margins. However, in stark contrast to the strong cost-side increases, downstream rubber and ceramic consumer markets have not entered the expected peak season recovery, with overall demand remaining sluggish. The dual pressures of "rising costs and weak demand" have become the core contradiction in the current zinc oxide market.

SMM Analysis：According to SMM data, as of September 12, the weekly average SMM Zn50 TC stood at 3,850 yuan/mt in metal content, down 50 yuan/mt in metal content from August, while the imported zinc concentrate index reached $98.75/dmt. This marks the end of the 10-month upward trend in domestic zinc concentrate TCs, whereas imported zinc concentrate TCs continued to climb. Why did domestic zinc concentrate TCs suddenly reverse course in September? What are the expectations for Q4.....

An aluminum enterprise in Shandong adjusted the benchmark price for its prebaked anode tender for September 2025, up 93 yuan/mt MoM. Meanwhile, a major domestic prebaked anode sales company raised its sales price, up 94 yuan/mt MoM. The raw material market for prebaked anodes is currently diverging, but the price of the main raw material, petroleum coke, remains on an upward trend, driving up overall costs and providing some support for prebaked anode prices. Supported by the raw material market, prebaked anode prices are expected to have further room for increase.

In August 2025, China's sintered NdFeB magnetic material industry showed a MoM decline in production but saw the consolidation of advantages among top-tier enterprises. According to SMM's frontline survey data, the national total production of sintered NdFeB reached 29,599 mt that month, down approximately 6.3% MoM. In terms of production structure, top-tier enterprises produced 20,904 mt, accounting for 70.45% of the total; mid-tier enterprises produced 6,997 mt, accounting for 23.74%; and small-tier enterprises accounted for only 5.81%.

Premium Stable from Q3 is due to weather conditions, RKAB Approvals, and most importantly from smelter's continuous losses

According to SMM, amid the significant surge in precious metals in 2025, the silver recycling market has seen a sharp rise in activity, with instances of inverted silver prices leading to a rush for crude silver in the market.

SMM September 12 News: After the environmental protection vehicle and production restrictions ended, premiums and discounts in the Tianjin area remained low, and the Tianjin zinc ingot market performed sluggishly. How will premiums and discounts move going forward?