Domestic Zinc Concentrate TCs in Multiple Regions for January Yet to Be Released, SMM to Keep Tracking Follow-Up Results [SMM Zinc Concentrate Weekly Review]

SMM December 31:

On a weekly basis, the SMM Zn50 domestic weekly TC average price held flat WoW at 1,500 yuan/mt in metal content, while the SMM imported zinc concentrate index fell $3.64/dmt WoW to $43.75/dmt.

Domestic ore market. Domestic smelters and mines continued to negotiate zinc concentrate TCs for January this week, with results for many regions still pending. It is understood that despite recent recovery in supply-demand sentiment in the domestic zinc concentrate market, following previous production cuts by domestic smelters and improvement in the SHFE/LME zinc price ratio, domestic zinc concentrate TCs have only temporarily stopped falling, without a substantial rebound. SMM will continue to closely monitor subsequent negotiation progress and outcomes.

Imported ore market. Amid domestic and overseas holidays, most traders in the market remained on break this week, resulting in limited offers for imported zinc concentrate and overall sluggish transactions. It is understood that recent Antamina zinc concentrate was continuously offered around $20/dmt.

SMM zinc concentrate inventories at China's main ports totaled 329,000 mt in physical content this week, up 59,000 mt WoW, with Nanjing port inventories contributing the main increase.