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Smelters' Sentiment to Stand Firm on Quotes Continues, Weekly Processing Fees Remain Stable [SMM Zinc Concentrates Weekly Review]
Feb 21, 2025, at 3:01 pm
[Smelters' Sentiment to Stand Firm on Quotes Continues, Weekly Processing Fees Remain Stable]: Weekly zinc concentrate TCs remained stable, with the SMM Zn50 domestic weekly TC average unchanged at 2,750 yuan/mt (metal content) WoW, and the SMM Zn50 imported weekly TC average unchanged at $20/dmt WoW...
SMM, February 21: Weekly zinc concentrate TCs remained stable, with the SMM Zn50 domestic weekly TC average unchanged at 2,750 yuan/mt (metal content) WoW, and the SMM Zn50 imported weekly TC average steady at $20/dmt WoW. In the spot market, the import window for zinc ore remained closed. This week, offers and transactions in the imported zinc ore market were still sluggish. Due to price advantages, smelters continued to favour domestic zinc ore. However, as it is now month-end, domestic smelters are expected to begin negotiations for next month's TCs, resulting in low sentiment for raw material procurement this week. From a supply perspective, zinc ore inventory at China's ports remained at a high level of over 300,000 mt this week. Additionally, some zinc mines in China that were previously shut down are gradually resuming production in March, indicating a continued recovery in domestic zinc ore supply. Furthermore, at the current TC levels, smelters' profits excluding sulphuric acid and by-products remain in a loss-making state. Smelters maintain a strong sentiment to stand firm on quotes for TCs, and domestic and international zinc concentrate TCs are expected to increase further in March. This week, SMM zinc concentrate inventory at China's main ports totaled 387,000 mt, down 32,500 mt WoW, with port zinc ore inventory showing a slight decline. 》Subscribe to view SMM historical spot metal prices
