[Zinc Concentrate Production] According to the Q3 2025 report of Jinhui Co., Ltd., its zinc concentrate output from January to September 2025 was 49,700 mt in metal content, up 10.16% YoY, while lead concentrate (including silver) output was 16,300 mt in metal content, up 4.45% YoY.

On October 22nd, Boliden released its third-quarter 2025 results, showing a quarter-on-quarter increase in overall lead and zinc concentrate production. At the Tara mine, milled volumes were broadly in line with the previous quarter, but the ramp-up progressed more slowly than expected due to seasonal factors, slower-than-planned development work, and an unplanned power outage. Boliden revised down its full-year milled ore guidance from 1.8 Mt to 1.6 Mt. SMM expects this to reduce annual zinc concentrate output by around 5,000–10,000 tonnes (metal) and lead concentrate output by about 2,000 tonnes (metal). At the Odda smelter, refined zinc production declined compared with Q2 2025, as operations were negatively affected by a shortage of intermediates. Ramp-up progress was slower than expected, and SMM estimates Odda’s 2025 output at around 170,000–180,000 tonnes of refined zinc.

The SMM Imported Zinc Concentrate Index for this week is $76.25/dmt, with a 3.39% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-60/dmt, down WoW by another $5/dmt.

On July 24th, Canada-based Teck Resources released its Q2 2025 report. Zinc concentrate production at the Red Dog mine reached 136,600 tonnes, slightly lower year-on-year due to declining ore grades, while lead concentrate output remained stable at 27,500 tonnes. The concentrate shipping season commenced on July 11th. Red Dog's Q2 zinc concentrate sales totaled 35,100 tonnes, down 35% YoY due to timing of sales (e.g., customer scheduling, logistics), though still above the previously disclosed guidance range of 25,000 to 35,000 tonnes. Teck expects the seasonal inventory build-up in the first half to reverse in Q3, and has issued Q3 sales guidance of 200,000–250,000 tonnes for Red Dog zinc concentrate. Annual production guidance remains unchanged at 430,000–470,000 tonnes for zinc and 85,000–105,000 tonnes for lead. On the refining side, Trail Operations produced 50,900 tonnes of refined zinc in Q2, a 14,000-tonne decline from the same period last year. The reduction aligns with Teck’s previously disclosed plan to optimize profitability amid challenging smelter market conditions. Annual refined zinc production guidance for Trail remains unchanged at 190,000–230,000 tonnes. Teck also stated it is closely monitoring the evolving U.S. tariff landscape and actively managing its concentrate sales strategy. Refined zinc, lead, and specialty metals exported from Trail to the U.S. comply with the United States-Mexico-Canada Agreement (USMCA).