[Monthly Production Declined: Refined Zinc Faces Dual Pressure from Raw Material Supply and Costs] Overall, refined zinc production release in April and May fell short of expectations, mainly because as ex-China mine disruptions increased and China's ore recovery remained limited, TCs accelerated downward. Imported TCs have already dropped to $39.25/dmt, while China's weekly TCs broke below historical lows to 850 yuan/mt in metal content...

Lead concentrate TCs remained generally stable this week. Some mine enterprises indicated that lead concentrate TCs had almost no room for further decline, while imported ore prices were still mainly quoted at -$150 to -$130/dmt. Affected by the recent tight supply-demand conditions of zinc concentrates and copper concentrates, some suppliers of lead concentrates rich in zinc and copper adjusted the pricing methods for copper and zinc. Although the comprehensive value of such copper- and zinc-rich lead concentrates was raised, the pricing of lead and precious metals within them remained unchanged, and the silver payable indicators for lead concentrates with various silver contents in the market remained firm.

[Zinc Concentrates Tender] According to SMM, the tender results from a mine in north China were released last week, with the self pick-up tender price at around 2,200 yuan/mt in metal content (including a 20/80 profit-sharing arrangement), where by-product metals were not priced separately. SMM will continue to monitor subsequent changes in TCs.

[Zinc Concentrates Tender] According to SMM, a mine in southwest China recently set its May zinc concentrates self pick-up tender price at around 800 yuan/mt in metal content, down nearly 600 yuan/mt in metal content MoM. SMM will continue to monitor subsequent changes in TCs.

[Imported Zinc Concentrates Market] Ahead of the Labour Day holiday, trading of imported zinc concentrates was relatively sluggish this week, but overall TCs remained at low levels, with offers for concentrates rich in by-product metals still around -$40 to -$50/dmt.

[China Zinc Concentrates Market] As of April 30, SMM weekly TCs for domestic zinc concentrates dropped to 850 yuan/mt in metal content, hitting a record low. According to sources, this was mainly because domestic smelters were actively producing, supported by sulphuric acid and by-product metal profits. Additionally, unfavorable import-export price ratios led smelters to prioritize purchasing domestic zinc concentrates, driving domestic TCs notably lower.