A magnitude 6.3 earthquake struck Dachaidan in Haixi, Qinghai, on June 16, 2026. According to SMM, the main zinc smelters and mines in the Qinghai region have seen no impact so far. SMM will continue to follow up on subsequent developments.

According to LME inventory data on June 16, zinc inventory increased by 17,400 mt or 16.24% to 124,550 mt, while LME zinc off-warrant stocks fell by 18,549 mt to 20,916 mt. Based on this, the LME zinc price once quickly dropped to $3,539/mt. According to SMM, this inventory increase was mostly due to traders converting off-warrant stocks into warrants, and the overall impact was relatively limited.

[Geopolitical Risks Subside: How Will the Zinc Market React?] The Middle East conflict has recently shown clear signs of de-escalation. The market is now fully pricing in a U.S.-Iran agreement and the resumption of shipping through the Strait of Hormuz. What impact will this have on the zinc market?

Shougang Group has released its pricing policy for July 2026 sheets & plates, with prices for most products remaining flat compared to June 2026, while only grain-oriented silicon steel was raised. Shougang Group has released its pricing policy for July 2026 sheets & plates, using the "June 2026 Product Pricing Policy" as a baseline. The specific adjustments are as follows: 1. Base prices for HRC remain unchanged. 2. Base prices for pickled steel coils remain unchanged. 3. Base prices for cold-rolled steel coils remain unchanged. 4. Base prices for hot-dip galvanized sheets remain unchanged. 5. Base prices for galvalume and high-aluminum zinc-aluminum-magnesium coated coils remain unchanged. 6. Base prices for color-coated sheets remain unchanged. 7. Base prices for Chalco zinc-aluminum-magnesium products remain unchanged. 8. Base prices for medium-thickness plates remain unchanged. 9. Silicon steel: Base prices for non-oriented silicon steel remain unchanged, while base prices for grain-oriented silicon steel were raised by 300 yuan/mt. The above adjustments are all ex-tax prices. This adjustment takes effect from the date of issuance, and the right of interpretation rests with the Marketing Center of Shougang Co., Ltd. Notice is hereby given. Marketing Center of Shougang Co., Ltd. June 16, 2026

Trafigura has committed US$570 million to Develop Global's mining projects, including the Sulphur Springs copper-zinc project, while securing future marketing rights for production. The deal highlights traders' growing efforts to secure long-term copper supply.

Time flies as the midpoint of 2026 approaches. The zinc concentrate market has witnessed another extraordinary price cycle this year. As of June 12, domestic zinc concentrate treatment charges (TCs) plunged to -50 yuan per metric ton of zinc metal, marking the arrival of negative TCs. Meanwhile, TCs for imported zinc concentrate tumbled to -71.2 US dollars per dry metric ton, both hitting all-time record lows.