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[Shanghai Refined Zinc Market] SHFE zinc prices rose notably this week compared with the previous week. However, downstream demand remained weak amid the seasonal slowdown, with buyers continuing to procure only on an as-needed basis. Spot market transactions were generally sluggish, although traders maintained relatively firm quotations. Overall, spot premiums fluctuated at low levels during the week.

[Imported Zinc Concentrate Market] This week, traders maintained import zinc concentrate offers at depressed levels, with most quotations remaining in negative triple-digit territory. However, the continued decline in both domestic and international TCs further squeezed smelter margins, leaving Chinese smelters reluctant to accept imported concentrate priced at negative triple-digit TCs. Consequently, trading activity in the imported zinc concentrate market remained subdued throughout the week.

[Domestic Zinc Concentrate Market]This week, domestic zinc concentrate treatment charges (TCs) across multiple regions in China were gradually finalized, with July TCs continuing to decline from June levels. The primary driver behind the latest reduction was the persistently weak domestic-to-overseas price ratio, which pushed losses on imported zinc concentrate to nearly RMB 2,000/mt once again. As a result, Chinese smelters continued to prioritize purchases of domestic zinc concentrate in July, keeping the domestic concentrate market in a tight supply-demand balance.