【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.

[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....

【Imported Zinc Concentrate Market】The import arbitrage for zinc concentrate has deteriorated further amid a widening gap between domestic and overseas zinc prices, reducing the economic attractiveness of imported material. Smelters continue to prioritize domestic concentrate procurement. Spot trading activity for imported zinc concentrate remained relatively limited this week, while treatment charges (TCs) continued to hover at low levels.

[Frequent disruptions in China’s supply side; TCs fell in many regions of China in August]: On a weekly basis, the SMM Zn50 domestic weekly average TC fell 400 yuan/mt Zn WoW to -1,150 yuan/mt Zn, and the SMM Imported Zinc Concentrate Index fell $3.5/dmt WoW to -$98.13/dmt. On a monthly basis, the SMM Imported Zinc Concentrate Index fell $17.01/dmt MoM in July to -$89.81/dmt....

According to China Customs data, China imported 2.7616 million tonnes (gross weight) of zinc concentrate during January–June 2026, up 8.98% year on year, with overall imports posting modest growth compared with the same period last year.

[Import Growth Masks Supply-Demand Tightening – Review and Outlook of China's Imported Zinc Concentrates Market in H1 2026]: According to customs data, China's zinc concentrates imports from January to June 2026 totaled 2.7616 million mt, up 8.98% YoY, with overall imports edging up YoY......

【Imported Zinc Concentrate Market】Trading activity in the imported zinc concentrate market remained limited this week. Traders continued to offer cargoes at negative triple-digit TCs, but the domestic-import price ratio showed no meaningful improvement. Some smelters remained reluctant to accept imported concentrates at such TC levels, resulting in generally subdued market activity.

[August Zinc Concentrate TC Negotiations Kick Off, Awaiting Multi-Location Pricing Next Week]: From a weekly perspective, the SMM Zn50 domestic weekly TC average was flat WoW at -750 yuan/mt Zn, and the SMM imported zinc concentrate index fell $4.48/dmt WoW to -$94.63/dmt....

【Imported Zinc Concentrate Market】According to SMM, offers for imported zinc concentrate this week were generally quoted at -100 to -130 USD/dmt. However, imported concentrates continued to offer poor economics, leading smelters to maintain a preference for domestic feedstock. As a result, overall trading activity in the imported zinc concentrate market remained subdued this week.

[Smelters Focus on Domestic Ore Procurement; TCs Continue to Decline in Many Regions]: On a weekly basis, the average SMM Zn50 domestic weekly TC fell 150 yuan/mt Zn WoW to -750 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $6.85/dmt WoW to -$90.15/dmt....