SMM October 10:
Domestic zinc concentrate TCs continued to decline this week. On a weekly basis, the SMM Zn50 domestic weekly TC average dropped by 150 yuan/mt in metal content WoW to 3,500 yuan/mt in metal content, while the SMM imported zinc concentrate index rose by $2.6/dmt WoW to $118.5/dmt.
In the spot market, after the National Day holiday, domestic smelters started negotiations with mines and traders, and domestic zinc ore TCs continued to fall, with the overall average decreasing by more than 300 yuan/mt in metal content from September. For imported zinc ore, trader offers were scarce recently, but the import loss for zinc ore widened further after the holiday compared to pre-holiday levels. Imported zinc ore TCs continued to rise, while smelters showed low purchase willingness for imports, leading to persistently sluggish spot transactions recently. According to SMM, affected by significant import losses, there were almost no offers or sales of zinc ore at ports recently. Coupled with strong sentiment among smelters to snap up domestic zinc ore and robust demand, domestic zinc ore TCs continued to decline. Additionally, before the holiday, a mine in Southwest China set a zinc ore tender price for October at around 3,300 yuan/mt in metal content, down more than 400 yuan/mt in metal content MoM. SMM will continue to monitor subsequent TC changes.
According to Ivanhoe's disclosure, the Kipushi beneficiation plant processed 169,000 mt of ore in Q3 2025, with an average feed grade of 37.8%, and produced 52,700 mt of zinc in concentrates, setting a new record. So far in 2025, the Kipushi plant has produced 137,000 mt of zinc in concentrates, and its 2025 production guidance (180,000-240,000 mt of zinc) remains unchanged.
This week, SMM zinc concentrate inventory at main ports in China totaled 339,300 mt, basically flat WoW.
