【Imported Zinc Concentrate Market】Imported concentrate traders continued to lower TC offers recently, while smelters maintained purchases based on production requirements. Overall trading activity in the imported zinc concentrate market remained relatively subdued. According to market sources, offers for silver-rich zinc concentrates have recently fallen to around -US$120 to -US$150/dmt.

【Domestic Zinc Concentrate Market】According to SMM, domestic mine supply disruptions have continued recently, while some smelters have resumed production following maintenance shutdowns. SMM expects China's refined zinc production to increase month-on-month in August, resulting in a market characterized by tighter concentrate supply and stronger demand. Meanwhile, the domestic-to-overseas zinc price ratio continued to deteriorate this week, encouraging smelters to actively procure domestic zinc concentrates. As a result, August domestic zinc concentrate treatment charges (TCs) declined further from July levels.

[Smelters Purchase as Needed, Imported Zinc Concentrate TCs Continue to Decline]: Based on weekly data, the SMM Zn50 domestic weekly TC average remained flat WoW at -1,150 yuan/mt Zn, and the SMM Imported Zinc Concentrate Index fell WoW by 5.38 $/dmt to -103.5 $/dmt....

[SMM Zinc Morning Meeting Summary: LME Zinc Inventory Continues to Decline, LME Zinc Rises Significantly]: Overnight, LME zinc opened at $3,662/mt, and after opening it rose all the way, touching a low of $3,655.5/mt in early trading and a high of $3,748/mt near the close, finally ending up at $3,745.5/mt, up $84.5/mt, an increase of 2.31%, with trading volume rising to 13,736 lots···

[SMM Zinc Morning Comment: Frequent Ore Supply Disruptions, SHFE Zinc Center Continues to Move Higher] Overnight, the most-traded SHFE zinc 2609 contract opened at 25425 yuan/mt. After the open, SHFE zinc briefly rose in choppy trading to a high of 25680 yuan/mt, then pulled back from the high to near the daily average line, and subsequently moved sideways in a narrow range around the daily average line, touching a low of 25405 yuan/mt. It finally closed up at 25645 yuan/mt..

Orion Minerals said it has made substantive progress in satisfying the conditions precedent attached to its financing and offtake agreements with Glencore, with the first funding tranche for the Prieska copper-zinc mine expected to be available for drawdown by end-August. In February, Orion announced a $250 million Glencore prepayment facility in two tranches: $40 million for the construction and start-up of the Prieska Uppers development, and $210 million for the construction and start-up of the Deeps development. As part of the conditions precedent, Orion has received approval from the South African Reserve Bank. The proposed intercreditor agreement between Glencore and Triple Flag Precious Metals is in advanced final form but remains subject to execution, while the Orion-Glencore offtake agreements are also in final form and remain subject to execution. The facility will be settled through sales and deliveries of bulk copper and zinc concentrates from Prieska. Orion said that, once Tranche A closes, it expects to move into execution of the Uppers development and become a producer 13 months later.