Port Inventory Increases, Domestic Zinc Concentrate TCs Continue to Rise [SMM Zinc Concentrate Weekly Review]

Published: Jan 10, 2025 16:47

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[Port Inventory Increased, Domestic Zinc Concentrate TCs Continued to Rise]: This week, zinc concentrate TCs increased. Specifically, the weekly average domestic TC for SMM Zn50 rose by 200 yuan/mt (metal content) MoM to 2,150 yuan/mt (metal content), while the weekly average imported TC for SMM Zn50 increased by $10/dmt MoM to -$10/dmt...

SMM, January 10:

This week, zinc concentrate TCs increased. Specifically, the weekly average TC for SMM Zn50 domestic zinc concentrates rose by 200 yuan/mt (metal content) to 2,150 yuan/mt (metal content) MoM, while the weekly average TC for SMM Zn50 imported zinc concentrates increased by $10/dmt to -$10/dmt MoM.

In the spot market, processing fees in many regions across the country have now exceeded 2,000 yuan/mt (metal content). Domestic zinc ore prices showed a significant upward trend, prompting smelters to raise their expectations for imported zinc concentrate TCs. Zinc ore inventory at ports continued to increase, with self pick-up prices for zinc ore at ports rising to approximately 2,500 yuan/mt (metal content) this week. However, raw material supply for smelters remained sufficient, supporting a bullish outlook on zinc concentrate TCs. Additionally, it was reported that imported zinc concentrate TCs in Q1 have already reached positive levels, and domestic zinc concentrate TCs are expected to continue rising in the future.

According to Ivanhoe Mines, the Kipushi beneficiation plant processed 228,000 mt of ore in 2024, with an average zinc grade of 29%, producing 50,000 mt of zinc concentrates with a zinc grade of approximately 50%. The production guidance for 2025 is set at 180,000-240,000 mt of zinc concentrates. Kipushi is expected to complete its production ramp-up and expansion plan in Q3 2025, aiming to achieve an annual zinc production of 250,000 mt by 2026.

This week, SMM zinc concentrate inventory at China's main ports totaled 373,400 mt, up 31,100 mt WoW, with port inventory continuing to grow.

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