As of May 26, the Shanghai-LME zinc price ratio stood at 6.97, continuing its downward trend from 7.4 recorded in late March, which has led to a widening import loss of refined zinc ingots in China. According to calculations by Shanghai Metals Market (SMM), the current import loss of China’s refined zinc ingots has expanded to approximately RMB 3,800 per metric ton of metal.

SMM Analysis：Recently, some overseas mining companies have successively released their Q2 reports. In the first half of the year, although heavy rains, floods, wildfires and other factors affected the output of some zinc mines, the newly commissioned capacities of zinc mines such as Oz and Kipushi were gradually released, and the outputs of mines like Antamina and Tara recovered. Overall, the output increment was quite significant. Let's take a look at the specific performance of each mining company.....