[SMM afternoon Review] Ningbo Zinc: market trading is improving over the weekend

As of March 31, the most-traded SHFE zinc contract closed at 23,480 yuan/mt, up 1,230 yuan/mt for the month, with a decline of 4.98%. Zinc prices plunged in March, briefly climbing to a high of 24,955 yuan/mt at the beginning of the month and falling to a low of 22,350 yuan/mt in the middle of the month, with the overall price center moving down significantly. After zinc prices plunged in March, how will they move in April?

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 31 Mar , 2026

Zijin Mining released its 2025 annual report. The report showed that in 2025, the company’s mines produced 357,453 mt of zinc in zinc concentrates, down 12.19% YoY (same period last year: 407,077 mt); smelting output of zinc ingot was 397,679 mt, up 7.17% YoY (same period last year: 371,057 mt). Lead content in lead concentrates output was 41,065 mt, down 7.51% YoY (same period last year: 44,397 mt). Among them, the Bisha zinc mine produced 83,000 mt of ore-derived zinc and 23,000 mt of copper in 2025, and plans to produce 91,000 mt of ore-derived zinc and 30,000 mt of copper in 2026; Zijin Zinc’s Wulagen zinc (lead) mine produced 136,000 mt of ore-derived zinc and 20,000 mt of ore-derived lead in 2025, and plans to produce 134,000 mt of ore-derived zinc and 18,000 mt of ore-derived lead i