On March 13, 2026, China's copper smelting industry set a new historical record. According to SMM data, the imported copper concentrate index closed at -60.39 USD/dmt, officially breaking through the -60 USD level.

[Supply Disruptions Persist, Imported TCs Continued to Decline]: Weekly data showed that the average weekly TC of SMM Zn50 domestic ore was unchanged at 1,550 yuan/mt in metal content, and the SMM imported zinc concentrate index fell $4.13/dmt MoM to $11.25/dmt...

This week, lead smelters still indicated that lead concentrate TCs had yet to see a substantive rebound. However, market quotes for silver-bearing lead concentrates with negative TCs had already decreased significantly. Smelters generally remained on the sidelines and purchased cautiously. Coupled with weak fundamentals in the refined lead market, smelters showed low willingness to stock up on raw materials. Silver prices fluctuated within a range and consolidated. After bullish sentiment cooled, apart from slight reductions in the highest quotes for certain silver concentrates or high-silver lead ore with silver content above 2,000 g/mt in physical content, the payable indicator for silver in lead concentrates with other silver content levels generally remained stable.

[Frequent Supply Disruptions; Imported TCs Continued to Decline]: Weekly data showed that the average weekly TC for SMM Zn50 domestic remained flat at 1,550 yuan/mt in metal content, while the SMM Imported Zinc Concentrate Index fell by $8.37/dmt MoM to $15.38/dmt...

[SMM Titanium Weekly Review: Titanium Dioxide Showed Signs of Recovery; Diverging Strength Across the Titanium Industry Chain Market This Week] This week, the titanium industry chain in China showed pronounced structural divergence, with the tug-of-war between sellers and buyers across upstream and downstream segments intensifying and cost pass-through facing obstacles. Overall, the sector was characterized by a combination of weak recovery and localized strong support. Trading in upstream titanium ore and titanium slag was sluggish. Downstream processing enterprises tightly controlled costs, with procurement consistently maintained at a pace driven by rigid demand. Coupled with inventory at high levels across the industry, the raw material end remained under pressure, enterprises’ willingness to operate stayed weak, capacity release was constrained, and the supply-demand imbalance continued to stand out. In the midstream titanium dioxide segment, pressure from elevated costs of raw materials and energy sharply increased production-side strain. Enterprises held prices firm and showed a strong willingness to sell, and while domestic trade demand did not see a noticeable increase in volume—relying only on rigid-demand support—overseas markets still demonstrated a certain degree of resilience, leaving the overall market running relatively strong. The downstream sponge titanium and titanium products segments performed impressively: sponge titanium inventories remained low, and, together with robust downstream restocking demand, top-tier enterprises proactively adjusted prices, with enterprises showing strong confidence in holding prices firm. The titanium products market saw stable supply and demand: the supply-side operating rate was steady, while demand-side differentiation was evident. Civilian applications were mainly driven by rigid-demand restocking, while orders in high-end fields such as aerospace and military industries were steady. The market recovered steadily, and differences in the pace across segments of the industry chain also set the tone for subsequent market dynamics.

[TCs Rose in Some Regions in March, Focus on Subsequent Negotiation Results]: On a weekly basis, the SMM Zn50 domestic weekly TC average increased by 50 yuan/mt in metal content from the pre-holiday level to 1,550 yuan/mt in metal content, while the SMM imported zinc concentrate index decreased by $0.6/dmt from the pre-holiday level to $23.75/dmt...

Entering March, as the bullish sentiment in precious metal prices weakened, some lead smelters became less willing to obtain silver-bearing lead concentrates raw materials by paying lower TCs. Although lead concentrate TCs have yet to see a substantive rebound, smelters generally stated that it remained difficult for mainstream lead concentrate TC quotations to rise in March, but the phenomenon of transactions involving scrambling for ore at extremely low prices has disappeared. As the absolute level of silver prices can still enable smelters to obtain relatively substantial profits, in March smelters did not have expectations of negotiating downward the relevant payable indicator.

[SMM Flash News] This week, domestic zinc concentrate TCs remained stable, while imported zinc ore TCs increased MoM. Specifically, the average weekly SMM Zn50 domestic TC remained unchanged MoM at 3,600 yuan/mt (metal content), and the SMM Imported Zinc Concentrates Index rose by $2.65/dmt MoM to $53/dmt.

[SMM Analysis: Zinc Concentrate TCs Growth Rate Slowed Significantly in May; Are TCs Approaching Their Peak?] In May, SMM's domestic monthly zinc concentrate TCs rose by 50 yuan/mt to 3,500 yuan/mt MoM, while the monthly TCs for imported zinc ore increased by $5/dmt to $45/dmt. The negotiation period for domestic zinc concentrate TCs in May recently reached its peak, but the negotiations between the two parties were at a stalemate. Compared to earlier months this year, the growth rate of domestic zinc concentrate TCs in May slowed significantly...

[Port Inventory Increased, Domestic Zinc Concentrate TCs Continued to Rise]: This week, zinc concentrate TCs increased. Specifically, the weekly average domestic TC for SMM Zn50 rose by 200 yuan/mt (metal content) to 2,150 yuan/mt (metal content) MoM, while the weekly average imported TC for SMM Zn50 increased by $10/dmt to -$10/dmt.