Domestic zinc concentrate TCs were finalized, unchanged WoW this week [SMM Zinc Concentrates Weekly Review]

SMM News on July 4:

This week, domestic zinc ore TCs remained stable, while imported zinc ore TCs increased MoM. Specifically, the weekly average SMM Zn50 domestic TC price remained unchanged MoM at 3,800 yuan/mt (metal content), and the SMM Imported Zinc Concentrate Index rose by $1/dmt MoM to $66.25/dmt.

In the spot ore market, domestic zinc ore TCs were mostly finalized at the beginning of the month. Given the price advantage, smelters primarily purchased domestic ore as their raw material. This week, domestic zinc ore TCs remained unchanged MoM. Regarding imported zinc ore, the import window for zinc ore remained closed. Although there were reports of some zinc ore prices at ports rising above 4,000 yuan/mt recently, smelters were not enthusiastic about purchasing due to expectations of higher future imported TCs. Both port zinc ore and US dollar-denominated zinc ore transactions were sluggish during the week. Additionally, according to SMM, a certain mine in southwestern China recently announced a tender price of 3,770 yuan/mt (metal content) for zinc ore in July, an increase of 170 yuan/mt (metal content) MoM. SMM will continue to monitor changes in subsequent TCs.

According to SMM, on June 30, 2025, Nexa announced that after successfully concluding negotiations with unionized employees late last Friday, operations at the Cajamarquilla smelter had fully resumed, with capacity utilization rates returning to normal levels. The shutdown lasted for three days, and the 2025 sales guidance remained unchanged.

This week, the total inventory of zinc concentrates at SMM's main ports in China was 334,000 mt, an increase of 21,000 mt WoW, indicating a slight increase in port zinc ore inventory.

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