[Australian Typhoons Continued to Disrupt, and Import TCs Kept Falling]: Weekly data showed that the average weekly domestic SMM Zn50 TC held flat at 1,550 yuan/mt in metal content, while the SMM Imported Zinc Concentrate Index fell $6.02/dmt MoM to $5.23/dmt...

[Imported Zinc Concentrates Market] Disruptions in Iran and Australia persisted recently, and the market’s concern over zinc concentrates supply continued. This week, traders of imported zinc ore continued to lower spot quotes. It was learned that some recent offers for bulk cargoes of zinc-rich zinc concentrates fell to negative prices.

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.

[Zinc Concentrates Production] According to SMM, a lead-zinc ore mine in Southwest China is expected to resume work and production in mid-March, and is expected to add around 2,000 mt in metal content of zinc concentrates MoM in March.

The domestic supply of lead concentrates remains tight. After the price adjustment of imported ore with a Pb60TC, the market has seen a situation where prices are quoted but there is little actual trading. Some traders have quoted prices for silver-lead ore in the range of -$60 to -$80 per dry metric ton (dmt), and smelters are adopting a cautious stance with low purchase intentions. In the domestic market, the routine maintenance of some smelters in late June and the increase in production at lead-zinc ore projects in Xinjiang, Tibet, and other regions have slightly alleviated the supply deficit pressure of lead concentrates in some local areas. Smelters in multiple regions, including Inner Mongolia and Henan, have not shown any intention to adjust the domestic Pb50TC prices. However, the expected insufficient supply of imported ore, combined with the recent tight supply of other lead-bearing materials and crude lead, is expected to persist, and there is no anticipated rebound in lead concentrate TCs in the short term. Regarding the silver pricing coefficient in lead concentrates, despite silver prices reaching new highs in June, smelters generally indicate that there is no room for further increases in the silver pricing coefficient in lead concentrates after several rounds of price hikes. The silver pricing coefficient in various types of silver-bearing lead concentrates has remained unchanged for the time being. 》Click to view the SMM Metal Industry Chain Database

【SMM Flash News】 According to SMM, there were tenders for overseas zinc ores from mines such as Dugald River, New Century, and Black Mountain this week, with the tendered ore volumes all around 10,000 mt. SMM will continue to monitor the disclosure of subsequent tender results.