[Domestic zinc concentrate TCs see more negative deals, overall decline continues]: From weekly data, SMM Zn50 domestic weekly average TCs fell 100 yuan/mt Zn WoW to 50 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $7.3/dmt WoW to -$70.75/dmt..

As mid-year approaches, financial reports of major listed overseas mining companies for the first quarter have all been released. A combination of earthquakes, falling ore grades, floods and other disruptions has hampered global mine operations, driving down overseas zinc concentrate output both year-on-year and quarter-on-quarter in Q1 2026.

[Domestic Ore Market Tightness Persists, Zinc Concentrate TCs Continue to Decline]: Based on weekly data, the SMM Zn50 domestic weekly average TC fell 150 yuan/mt Zn WoW to 550 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $8.45/dmt WoW to -$54.2/dmt.

After returning from the Chinese New Year holiday, Q4 reports from listed miners outside China have been released one after another recently. 2025 was a period of concentrated release of new capacity at mines outside China. What was the specific situation? What are the expectations for 2026? Let us analyze it by enterprise.

In recent years, zinc prices have fluctuated largely around the supply-demand imbalance between mining and smelting. With a significant increase in zinc concentrate supply expected for this year, prices may face downward pressure as we expected at the beginning of this year. This is the first report of two, which reviews Q1 production data from major overseas zinc mines from the EMEA region, which covers Europe, Middle East and Africa.

【SMM Flash News】Vedanta released its Q1 2025 report, which showed that the company's zinc concentrates metal production in the quarter was 360,000 mt, up 8% YoY. Among them, Vedanta Zinc International's zinc ore production in Q1 was 50,000 mt, up 52% YoY, mainly due to the improvement in zinc grade and recovery rate at Gamsberg. Zinc India's zinc ore production in Q1 was 310,000 mt, up 4% YoY.