Smelter Purchases as Needed, TCs of Imported Zinc Concentrates Continue to Decline [SMM Zinc Concentrates Weekly Review]

Published: Aug 7, 2026 14:16

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[Smelters Purchase as Needed, Imported Zinc Concentrate TCs Continue to Decline]: Based on weekly data, the SMM Zn50 domestic weekly TC average remained flat WoW at -1,150 yuan/mt Zn, and the SMM Imported Zinc Concentrate Index fell WoW by 5.38 $/dmt to -103.5 $/dmt....

SMM, Aug 7:

On a weekly basis, the SMM Zn50 domestic weekly TC average price remained flat WoW at -1,150 yuan/mt Zn, and the SMM Imported Zinc Concentrate Index fell $5.38/dmt WoW to -$103.5/dmt.

Domestic ore market. This week, smelters continued to purchase domestic zinc concentrates, with August TCs still not settled in some regions. Overall, domestic TCs remained low. According to sources, recent domestic ore supply disruptions have persisted, and with some smelters resuming operations after maintenance, SMM expects China refined zinc production to rebound MoM in August. The overall ore market is experiencing declining supply and rising demand. Meanwhile, the zinc SHFE/LME price ratio continued to worsen this week, with China’s imported zinc concentrate losses expanding further to nearly -2,000 yuan/mt Zn. Smelters were actively procuring domestic zinc concentrates, and overall zinc concentrate TCs for August continued to decline compared to July.

Imported ore market. Against the backdrop of persistent domestic ore scarcity in August, imported ore traders continued to lower their TC offers recently. Smelters purchased on demand, and overall trading activity in the imported zinc concentrate market was relatively subdued. According to market reports, deals for some rich ores were recently heard at TCs of around -$120/dmt, with payable contents such as silver and copper priced normally. Additionally, some rich ore offers were heard as low as around -$150/dmt. Overall, imported zinc concentrate TCs continued to fall.

This week, SMM zinc concentrate inventories at China’s main ports totaled 280,000 mt in physical content, down 4,000 mt WoW, with Qinzhou Port inventories accounting for the majority of the decline.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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