Some Mine Tender Prices Continued to Decline, Awaiting May Negotiation Pricing [SMM Zinc Concentrates Weekly Review]

SMM April 30:

On a weekly basis, the SMM Zn50 domestic weekly TC average price decreased 200 yuan/mt Zn WoW to 850 yuan/mt Zn, and the SMM Imported Zinc Concentrate Index fell $3.12/dmt WoW to -$39.25/dmt.

Domestic ore market. This week, domestic smelters began negotiating May zinc concentrate TCs. Currently, TCs in many regions had not been fully settled, and TCs in multiple regions continued to decline. It was learned that last week, a mine in North China released its zinc concentrate tender results, with the mine self pick-up tender price at around 2,200 yuan/mt Zn (including 80/20 profit sharing), with by-product metals not priced; recently, a mine in Southwest China set its May zinc concentrate mine self pick-up tender price at around 800 yuan/mt Zn, down nearly 600 yuan/mt Zn MoM.

Imported ore market. With the Labour Day holiday approaching, fewer offers were made by traders this week. Overall, by-product-rich ore offers were heard at around -$40 to -$50/dmt, and the market was sluggish, with imported zinc concentrate TCs remaining at low levels.

This week, SMM zinc concentrate inventory at China's main ports totaled 284,000 mt in physical content, up 5,000 mt in physical content WoW, with Qinzhou port inventories contributing the main increase.