[Large Arrivals of Imported Zinc Ore May Lead to Further Increase in TCs in June]: In June, domestic zinc concentrate TCs continued to rise. The average monthly domestic zinc concentrate TC (SMM) increased by 150 yuan/mt (metal content) MoM to 3,650 yuan/mt (metal content). The average monthly imported Zn50 TC (SMM) increased by $10/dmt MoM to $55/dmt. On a weekly basis, the average weekly domestic Zn50 TC (SMM) remained flat MoM at 3,500 yuan/mt (metal content), and the average weekly imported Zn50 TC (SMM) remained flat MoM at $45/dmt...

On Monday, the most-traded SHFE zinc ZN2506 contract rebounded during the day but was in the doldrums at night, while LME zinc was closed. Spot market: The mainstream transaction prices of 0# zinc in Shanghai were concentrated at 22,500-22,620 yuan/mt, with a premium of 150 yuan/mt against the 2505 contract. As the long-term contract approached its end, there were few traders in the market, and downstream users had certain inventories, purchasing only for rigid demand. Spot transactions did not improve, and the premium continued to decline. SMM: As of Monday, social inventory was 93,000 mt, down 7,000 mt WoW from last Thursday. Customs data: Zinc concentrate imports in March were 35.95 mt, down 22.09% MoM but up 47.16% YoY. Refined zinc imports in March were 27,500 mt, down 18.12% MoM and 40.5% YoY. Overall, tariff negotiations made no substantial progress, and the new US president pressured Powell, increasing market concerns and putting pressure on zinc prices. March zinc ore imports met expectations, while zinc ingot imports slightly exceeded expectations. Refineries had ample raw materials, and supply increases were steadily realized. The peak consumption season supported downstream buying the dip, and inventory dropped to 93,000 mt, with low inventory supporting a weak rebound in zinc prices in the short term. As the rush for export orders was digested and the peak season approached its end, later consumption support was expected to weaken, and the sustainability of the zinc price rebound was insufficient.

【Zinc Ore Imports Declined Significantly in March, What Will Happen in April?】: According to the latest customs data, zinc concentrate imports in March 2025 reached 359,500 mt, down 22.09% MoM from February (101,900 mt), up 47.16% YoY. Cumulative zinc concentrate imports from January to March totaled 1.2178 million mt, up 36.62% YoY.

SMM Analysis: How Will the Escalation of US-China Rivalry Impact China's Zinc Ore Market? On April 10, China increased the tariff rate on imported goods originating from the US from 84% to 125%. On April 15, the White House released a fact sheet stating that Chinese products exported to the US would face tariffs of up to 245%. The "tariff storm" of 2025 has once again unfolded, with escalating tariffs affecting global nerves...

SMM Analysis: Chinese Smelters Continue to Ramp Up Production, What Will Happen to China's Zinc Ore Imports in March? According to the latest customs data, 461,400 mt of zinc concentrates were imported in February 2025, up 16.28% (64,600 mt) MoM and up 83.73% YoY. The cumulative imports for January-February 2025 reached 858,300 mt, up 32.64% YoY...

Strong Smelter Production Intentions: Can Zinc Ore Imports Be Sustained in March? According to the latest customs data, 2025 February imported zinc concentrates were 461,400 mt, up 16.28% (64,600 mt) MoM, and up 83.73% YoY. The cumulative imports of zinc concentrates for January-February were 858,300 mt, up 32.64% YoY.