[Ore Supply Tightness Remains Unchanged, Domestic and Imported Zinc Concentrate TCs Continue to Decline]: Based on weekly data, the SMM Zn50 domestic weekly average TC fell 250 yuan/mt Zn WoW to 150 yuan/mt Zn, and the SMM imported zinc concentrates index dropped $7.19/dmt WoW to -$63.44/dmt.

[Lead-Zinc Miner Updates] Recently, the Phase I flotation beneficiation plant project of Hezhang Dingshengxin Mining Development Co., Ltd. achieved a major milestone, with the semi-autogenous grinding mill and ball mill systems successfully completing no-load joint trial runs. This marked that the Zhugongtang super-large lead-zinc mine's mining and beneficiation project has fully entered the stage of combined equipment commissioning. It is reported that the Phase I flotation beneficiation plant of the Zhugongtang lead-zinc mine is expected to be ready for clean water trial runs by the end of June this year, ready for feed trial runs in August, and is striving to officially enter trial production by the end of September, at which point it will initially achieve a production capacity of proc

According to the latest customs data, China imported 447,700 mt in physical content of zinc concentrates in April 2026, down 17.95% MoM from March (97,900 mt in physical content) and down 9.49% YoY. Cumulative zinc concentrate imports from January to April totaled 2.0021 million mt in physical content, up 16.92% YoY cumulatively.

[Lead Smelter Updates] It was reported that Yuguang Gold and Lead Group stated on an interactive platform that Zhuye Group holds the mining rights to the Shuikoushan lead-zinc mine and the Baifang copper mine, with 3 mines (the Kangjiawan mine and the lead-zinc mine both fall under the Shuikoushan lead-zinc mine mining rights) and 1 beneficiation plant, possessing an annual mining and beneficiation capacity of 860,000 mt of raw ore. Its captive mines produce lead concentrates, copper concentrates, gold concentrates, and other mineral products, providing raw material support for its operations.

[SHFE/LME zinc price ratio pulled back to around 6.9 and oscillated]: This week, the SHFE/LME zinc price ratio pulled back to around 6.9 and oscillated, with the zinc ingot import window remaining closed. Outside China, there were frequent fundamental disruptions: Peru issued an energy emergency decree, Kazakhstan's Zazzinc reduced operations at its lead-zinc mine following an accident, and Peru's Cajamarquilla zinc smelter was shut down due to a fire. Tight supply sentiment intensified, and LME zinc pulled back slightly after surging to a three-year high.

[Continuous Overseas Supply Disruptions Drive SHFE and LME Zinc Prices Higher] At the beginning of the week, LME zinc continued the fluctuating trend from last week; subsequently, zinc prices edged down as the U.S.-Iran peace agreement was not reached; however, the ongoing fermentation of Peru's energy emergency decree drove a broad rally in non-ferrous metals, and LME zinc rebounded; immediately after, Zazzinc's lead-zinc mine in Kazakhstan reduced its operating load following an accident, and LME zinc continued to surge......