[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.

[Some Mine Tender Prices Continued to Decline, Awaiting May Negotiation Pricing]: Based on weekly data, the SMM Zn50 domestic weekly average TC fell 200 yuan/mt Zn WoW to 850 yuan/mt Zn, and the SMM imported zinc concentrates index dropped $3.12/dmt WoW to -$39.25/dmt...

As of April 24, the average domestic zinc concentrate TC dropped to 1,050 yuan/mt in metal content, and the imported zinc concentrate TC fell to -$36.13/dmt. Overall, zinc concentrate TCs continued to decline, with imported zinc concentrate TCs deepening further into negative territory. In May, domestic zinc concentrate TCs in multiple regions plan to further drop to three-digit levels.

According to the latest customs data, China imported 545,600 mt in physical content of zinc concentrates in March 2026, up 31.8% MoM from February (131,700 mt in physical content) and up 51.78% YoY. Cumulative zinc concentrates imports from January to March totaled 1.5544 million mt in physical content, up 27.64% YoY cumulatively.

[Zinc Concentrates Monthly Import Data] According to the latest customs data, imported zinc concentrates in March 2026 were 545,600 mt (mt in physical content), up 31.8% MoM from February (131,700 mt in physical content) and up 51.78% YoY. Cumulative zinc concentrates imports from January to March totaled 1.5544 million mt (mt in physical content), up 27.64% YoY cumulatively.

[Smelters Show High Production Enthusiasm, Domestic TCs Declined MoM in April]: Looking at weekly data, the SMM Zn50 domestic weekly average TC remained flat WoW at 1,350 yuan/mt Zn, while the SMM imported zinc concentrate index fell $4.75/dmt WoW to -$19.25/dmt...