The increase in TCs was limited, attention should be paid to the actual negotiation results in the follow-up [SMM Zinc Concentrate Weekly Review]

SMM April 25 News: The domestic zinc concentrate TCs for May continued to rise. The SMM monthly average TC for domestic zinc concentrates increased by 50 yuan/mt (metal content) MoM to 3,500 yuan/mt (metal content). The SMM Zn50 monthly average TC for imported zinc concentrates increased by $5/dmt MoM to $45/dmt. On a weekly basis, the SMM Zn50 weekly average TC for domestic zinc concentrates remained flat WoW at 3,450 yuan/mt (metal content), while the SMM Zn50 weekly average TC for imported zinc concentrates increased by $5/dmt WoW to $40/dmt. In the spot market for zinc ore, domestic smelters began negotiations for May zinc concentrate TCs this week, but the actual negotiation results have not yet been finalized. Although domestic smelters continue to stand firm on quotes, zinc prices have pulled back significantly compared to previous months, and mines have shown little willingness to raise TCs. The domestic zinc concentrate TCs for May may see limited increases. For imported zinc ore, the SHFE/LME price ratio was favorable this week, and import traders offered more quotes. Some domestic traders have quoted Antamina zinc ore TCs above $30/dmt, and the weekly TCs for imported zinc ore increased WoW. Additionally, the recent tender result for New Century zinc ore was $28/dmt, with a tender volume of 10,000 mt and a shipment date of June 2025. SMM will continue to monitor subsequent adjustments in zinc concentrate TCs. According to SMM, the Antamina copper-zinc mine in Peru was shut down due to an accident on Tuesday and gradually resumed operations on Thursday morning. The current recovery scale remains uncertain. The mine produced 268,000 mt (metal content) of zinc concentrates in 2024. SMM will continue to follow up on subsequent developments. This week, SMM zinc concentrate inventories at China's main ports totaled 380,000 mt, an increase of 59,000 mt WoW, indicating growth in port zinc ore inventories. > Order to view SMM historical spot metal prices.