As the Chinese New Year holiday approaches, zinc concentrate trading in the market remains sluggish. [SMM Zinc Concentrate Weekly Review]

SMM February 13:

On a weekly basis, the SMM Zn50 domestic weekly TCs average price remained flat WoW at 1,500 yuan/mt in metal content, while the SMM imported zinc concentrates index dropped by $0.53/dmt WoW to $24.35/dmt.

Domestic ore market. In the last week before the Chinese New Year, smelters' purchase willingness for spot zinc concentrates was low as they had completed stockpiling and logistics were largely suspended, keeping domestic TCs stable. In the imported ore market, with the Chinese New Year approaching, traders took holidays successively, resulting in almost no offers or transactions for imported zinc concentrates and sluggish market activity.

Last Friday, Rosh Pinah Zinc announced the commissioning of the new paste fill plant, a key component of the RP2.0 expansion project. RP2.0 is expected to increase the processing throughput of the RPZ mine from 700,000 mt in physical content to 1.3 million mt in physical content per year, and the project continues to advance on schedule and within budget, with overall construction progress now exceeding 85%. It is expected to be completed in Q3 2026, followed by accelerated construction. It is understood that after the expansion, Rosh Pinah will reach 170 million pounds of zinc equivalent.

This week, SMM zinc concentrates inventories at China's main ports totaled 332,000 mt in physical content, down 20,500 mt WoW, with Lianyungang inventories contributing the main decrease.