As of April 3, the average domestic zinc concentrate TC dropped to 1,350 yuan/mt in metal content, and the imported zinc concentrate TC fell to -$14.5/dmt, with the import market once again entering negative territory. After Chinese New Year, domestic mines gradually resumed production — so why did zinc concentrate TCs decline again in April?

[SMM Chrome Daily Review: Ferrochrome Market Temporarily Stable, Chrome Ore Prices Unchanged] April 8, 2026: The ferrochrome and chrome ore markets saw limited fluctuations...

HRC futures first dipped then rallied today. The most-traded contract closed at 3,282, up 0.06% WoW. Spot market side, market quotations showed mixed performance, with overall trading activity being relatively lackluster, though transactions at lower prices were moderate. In terms of supply, the impact from maintenance on hot-rolled production was 106,400 mt this week, down 88,800 mt WoW. Next week, the impact from maintenance on hot-rolled production is expected to be 11.7 mt, up 10,600 mt WoW, with overall supply still on an increasing trend. Demand side, end-user purchasing enthusiasm was unlikely to exceed expectations, with most purchases being need-based at lower prices. Inventory side, mainstream city inventory data was released today. Performance varied across markets, but overall destocking outpaced inventory buildup, and the overall destocking trend is likely to continue. Looking ahead, the US-Iran conflict reportedly entered the final stage of detail finalisation today. Attention should be paid to the impact of subsequent international disruptions on the raw material side. Meanwhile, the conclusion of the US-Iran conflict may boost market confidence in exports. In the short term, the most-traded HRC futures contract is expected to maintain a fluctuating trend of moving sideways.

DCE iron ore futures trended weaker overall today. The most-traded contract I2609 ultimately closed at 766.5 yuan/mt, down 1.35% from the previous trading session. Spot prices fell 5-8 yuan/mt from the previous trading day. Traders were only moderately active in offering, while steel mills were cautious in procurement with fewer inquiries; spot market transactions were mediocre so far. According to SMM survey data, daily average hot metal production increased by 8,400 mt WoW this week, reaching 2.439 million mt. Blast furnace capacity utilization rate rose to 90.02%. The number of blast furnaces under maintenance decreased significantly overall, providing strong support for rigid demand for iron ore in April. Despite the fundamentally positive conditions, the overall market trend was still influenced by news. Reports of breakthrough progress in negotiations triggered market concerns over potential future supply, leading to downward pressure on prices. Meanwhile, persistently sluggish spot market transactions also weighed on the iron ore market. Overall, iron ore prices are expected to continue a volatile and bearish trend going forward.

South Korea’s Korea Zinc plans to invest $6.6 billion to develop a major critical minerals smelter and U.S. headquarters in Tennessee, marking the state’s largest-ever private investment. The project will span Clarksville and Gordonsville, including a new manufacturing facility and the reopening of a former mine. The integrated smelter will produce 13 nonferrous metals such as zinc, copper, and lead, supporting key industries including defense, aerospace, and automotive. The project is expected to create over 740 jobs and reduce U.S. reliance on China for critical minerals. Developed in partnership with the U.S. government, which may take a 40% stake, construction is scheduled to begin in 2027, with site preparation starting in 2026.

Q1 coincided with the Chinese New Year holiday. Most enterprises gradually resumed work in March, with consumption performance being mediocre and galvanizing operations relatively weak. Can consumption improve in Q2?