[Nyrstar considers antimony production in Australia, seeks government support] According to a Reuters report on May 21, Trafigura-owned smelter Nyrstar stated that its multi-metals processing plant in Port Pirie, South Australia, has the potential to produce up to 5,000 tonnes per year of antimony metal or antimony trioxide. The plan would require the addition of a new processing stage following lead smelting and would depend on government funding. Nyrstar CEO Matt Howell told Reuters on May 5: “We have the capability to produce a range of critical minerals, including antimony, to help meet global demand. However, it will require significant investment and government support to address the market pressures currently faced by Australian smelters.” Australia’s smelting industry is under strain from high domestic electricity costs and processing fee compression due to excess capacity in China. In response, the Australian government is offering billions of dollars in funding to support the development of local critical mineral supply chains. A spokesperson for the South Australian government noted, “Antimony has been defined as a critical mineral by the federal government, which provides a pathway to access substantial government support.” Port Pirie is Australia’s second-largest lead smelter, with an annual refined lead capacity of 180,000 tonnes.

[SMM Zinc Morning Meeting Summary: Nyrstar's Zinc Smelter Announces Production Cuts, LME Zinc Surges Intraday]: Overnight, LME zinc recorded a bullish candlestick, with support provided by the 5-day moving average below. LME zinc inventory decreased by 450 mt to 161,375 mt, a decline of 0.28%. The US February unadjusted CPI annual rate was lower than market expectations, the US dollar index remained at a low level, and yesterday Nyrstar announced that its Hobart zinc smelter will reduce production by approximately 25% starting from April 2025. With expectations of reduced supply, LME zinc saw a significant intraday increase...

[SMM Zinc Morning Meeting Summary: Nyrstar's Zinc Smelter Announces Production Cuts, LME Zinc Surges Intraday]: Overnight, LME zinc recorded a bullish candlestick, with support provided by the 5-day moving average below. LME zinc inventory decreased by 450 mt to 161,375 mt, a decline of 0.28%. The US February non-seasonally adjusted CPI annual rate was lower than market expectations, the US dollar index remained at a low level, and yesterday Nyrstar announced that its Hobart zinc smelter will reduce production by approximately 25% starting from April 2025. With expectations of reduced supply, LME zinc saw significant intraday gains...

Nyrstar issued a notice late Tuesday that it will close two zinc mines in Tennessee, Gordonsville and Cumberland, on November 30 due to falling metal prices and rising production costs, saying that the mines will "temporarily cease production" and layoffs will occur.

Auby smelter in France has completed its maintenance and is expected to resume production around the beginning of March.

[Smelters Continue to Wait and See, Processing Fees Increased in Some Regions During the Week]: Weekly zinc concentrate TCs increased. The weekly average domestic TC for SMM Zn50 rose by 100 yuan/mt (metal content) WoW to 3,250 yuan/mt (metal content), while the weekly average imported TC for SMM Zn50 increased by $10/dmt WoW to $35/dmt...

Overnight, LME zinc opened at US$2,425/ton. During the European trading period, LME zinc fluctuated around the daily moving average, and reached a low of US$2,400.5/ton before touching a high of US$2,598.5/ton. The contract finally closed up at US$2,497/ton, up US$79.5/ton, or 3.29%. The trading volume increased by 9,052 lots to 16,201 lots, and the open interest decreased by 206 lots to 198,000 lots.

Overnight, LME zinc opened at $2510/mt, hitting a low and high of $2506.5/mt and $2615/mt respectively, and closed at $2555/mt, up $46/mt or 1.83%. Trading volume increased to 9013 lots, and open interest grew 2400 lots to 213,000 lots.

[Overseas Supply Disruptions Combined With US CPI Below Expectations, Zinc Price Centers in Domestic and Overseas Markets Slightly Rose This Week] At the beginning of the week, LME zinc continued last week's downward trend and fell further; subsequently, the US New York Fed's 1-year inflation expectations for February rose to 3.13%, higher than the market expectation of 3.1% and the previous value of 3%, raising doubts about the US Fed's future policy adjustments and exerting a certain negative impact on overall sentiment, leading to a continued decline in LME zinc; ......

The main market focus in March has been on the US non-farm payroll and CPI data for February. The Fed’s benchmark interest rate has been raised to around 5.5%, and the chronic high interest rate has dented the demand for commodities.