SMM Analysis：On December 25, SMM recorded the guidance price for domestic zinc concentrate TCs in January 2026 at 1,200–1,600 yuan/mt in metal content, with an average price of 1,400 yuan/mt, down 600 yuan/mt MoM. Throughout the year, domestic zinc concentrate TCs rose first and then fell. In Q4, domestic zinc concentrate TCs largely repeated last year's pattern, with domestic zinc concentrate TCs seemingly set to return to historically low levels. However, recently, sentiment in the domestic zinc concentrate market has shown signs of warming up. Why is this......

SMM Analysis：According to the latest customs data, China imported 519,000 mt in physical content of zinc concentrates in November 2025, up 52.27% MoM (an increase of 164,500 mt in physical content) and up 13.84% YoY. Cumulative zinc concentrate imports from January to November totaled 4.8679 million mt in physical content, up 33.74% YoY.......

SMM Analysis：According to the latest customs data, China imported 519,000 mt in physical content of zinc concentrates in November 2025, up 52.27% MoM (an increase of 164,500 mt in physical content) and up 13.84% YoY. Cumulative zinc concentrate imports from January to November totaled 4.8679 million mt in physical content, up 33.74% YoY.......

SMM Analysis：Time flies, and the end of 2025 is approaching. This year marks a concentrated production ramp-up period for overseas zinc concentrates, with overall global zinc concentrate production up over 600,000 mt in metal content YoY. Overseas zinc concentrate contributed 550,000 mt in metal content of this growth. The significant increase in supply has noticeably eased the global zinc concentrate balance compared to last year, and the overall center of zinc concentrate TCs has rebounded from 2024. As 2026 approaches, how will the global zinc concentrate supply-demand structure evolve next year? How will TCs move.......

SMM Analysis：In recent years, domestic galvanized sheet capacity has experienced a wave of new construction, with steel mills and galvanized sheet plants across various regions launching new galvanizing lines. According to incomplete statistics from SMM, galvanized sheet capacity additions from 2024 to 2028 will exceed 24 million mt, with additions in 2026-2028 alone accounting for 10 million mt. China's galvanized sheet capacity is still expanding rapidly. Why is this happening.......