[No Significant Production Cuts at Smelters in May; Zinc Concentrate TCs Continued to Decline]: Based on weekly data, the SMM Zn50 domestic weekly average TC fell 150 yuan/mt Zn WoW to 700 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $6.5/dmt WoW to -$45.75/dmt.

During the May Day holiday in 2026, LME zinc traded in a general sideways range, finding solid support at the 40-day moving average. In terms of specific performance, LME zinc showed an N-shaped trend of rising first, then falling and rebounding again.

SMM Analysis: Maintenance Recovery & Falling Zinc TC Shape May Refined Lead Output Outlook SMM May 1 News: In April 2026, China's refined lead production continued its modest upward trend, rising 1.22% month-on-month and 3.01% year-on-year.

[Zhongjin Lingnan's 2025 Annual Report Released] On April 22, Zhongjin Lingnan released its 2025 annual report. In 2025, the company's mining enterprises produced 253,800 mt of lead-zinc metal content in concentrates, down 4.21% YoY, and 10,255 mt of copper metal content in concentrates, down 14.23% YoY. The company's smelters produced 917,900 mt of copper, lead, and zinc products, up 5.33% YoY, including copper cathode (477,200 mt, up 10.54% YoY) and lead-zinc products (440,700 mt, up 0.22% YoY). In 2026, the company plans to produce 266,400 mt of lead-zinc metal content in concentrates, including lead metal content (73,200 mt) and zinc metal content (193,200 mt), as well as 442,800 mt of lead-zinc products, including lead ingots (124,100 mt) and zinc ingots and zinc products (318,700 mt)

Vietnam’s mining group Vinacomin reported production of copper concentrate at around 9,200 tonnes and zinc output at around 1,100 tonnes in the latest reporting period, according to its update for the first two months of 2026. The group also contributed VND 4.44 trillion (approximately USD 169.5 million) to the state budget over the same period.

Hindustan Zinc Limited, the world’s largest integrated zinc producer, released its production figures for the fourth quarter and full year ending March 31, 2026. The company maintained consistent output across zinc, lead, and silver, sustaining operational momentum and reinforcing its standing as a top base metals producer. The data demonstrates continued efficiency and strong capacity utilization throughout the year. In Q4 FY 2025‑26, Hindustan Zinc achieved a record quarterly mined metal production of 315 kt, up 2 % year‑on‑year, while refined metal output also hit a new high of 282 kt. For the full year, mined metal production reached 1,114 kt, and refined zinc output totaled 851 kt, underscoring robust operational performance.