SMM January 16:
On a weekly basis, the average SMM Zn50 domestic TCs remained flat WoW at 1,500 yuan/mt in metal content, while the SMM imported zinc concentrate index fell $4.25/dmt WoW to $33.25/dmt.
Domestic ore market. Smelters continued to execute previously signed contracts in mid-month, with limited new purchases of zinc concentrates recently. Combined with no significant improvement in the domestic zinc concentrate supply-demand pattern, TCs in many regions remained stable this week. Imported ore market. Although the import window for zinc concentrates remained open in January, smelters held certain inventories and showed little sentiment for purchasing imported zinc concentrates. Few offers were made during the week, resulting in sluggish overall imported spot trading. It is understood that recent tenders for Bisha and Antamina zinc concentrates, each for 10 kt, were for February and March shipment periods. SMM will continue to monitor subsequent tender results.
This week, SMM zinc concentrate inventories at China's main ports totaled 248,500 mt in physical content, down 3,000 mt WoW, with Lianyungang inventories contributing the main decrease.
