[Ore Supply Tightness Remains Unchanged, Domestic and Imported Zinc Concentrate TCs Continue to Decline]: Based on weekly data, the SMM Zn50 domestic weekly average TC fell 250 yuan/mt Zn WoW to 150 yuan/mt Zn, and the SMM imported zinc concentrates index dropped $7.19/dmt WoW to -$63.44/dmt.

[Lead-Zinc Miner Updates] Recently, the Phase I flotation beneficiation plant project of Hezhang Dingshengxin Mining Development Co., Ltd. achieved a major milestone, with the semi-autogenous grinding mill and ball mill systems successfully completing no-load joint trial runs. This marked that the Zhugongtang super-large lead-zinc mine's mining and beneficiation project has fully entered the stage of combined equipment commissioning. It is reported that the Phase I flotation beneficiation plant of the Zhugongtang lead-zinc mine is expected to be ready for clean water trial runs by the end of June this year, ready for feed trial runs in August, and is striving to officially enter trial production by the end of September, at which point it will initially achieve a production capacity of proc

According to the latest customs data, China imported 447,700 mt in physical content of zinc concentrates in April 2026, down 17.95% MoM from March (97,900 mt in physical content) and down 9.49% YoY. Cumulative zinc concentrate imports from January to April totaled 2.0021 million mt in physical content, up 16.92% YoY cumulatively.

[Lead Smelter Updates] It was reported that Yuguang Gold and Lead Group stated on an interactive platform that Zhuye Group holds the mining rights to the Shuikoushan lead-zinc mine and the Baifang copper mine, with 3 mines (the Kangjiawan mine and the lead-zinc mine both fall under the Shuikoushan lead-zinc mine mining rights) and 1 beneficiation plant, possessing an annual mining and beneficiation capacity of 860,000 mt of raw ore. Its captive mines produce lead concentrates, copper concentrates, gold concentrates, and other mineral products, providing raw material support for its operations.

[SHFE/LME zinc price ratio pulled back to around 6.9 and oscillated]: This week, the SHFE/LME zinc price ratio pulled back to around 6.9 and oscillated, with the zinc ingot import window remaining closed. Outside China, there were frequent fundamental disruptions: Peru issued an energy emergency decree, Kazakhstan's Zazzinc reduced operations at its lead-zinc mine following an accident, and Peru's Cajamarquilla zinc smelter was shut down due to a fire. Tight supply sentiment intensified, and LME zinc pulled back slightly after surging to a three-year high.

[Continuous Overseas Supply Disruptions Drive SHFE and LME Zinc Prices Higher] At the beginning of the week, LME zinc continued the fluctuating trend from last week; subsequently, zinc prices edged down as the U.S.-Iran peace agreement was not reached; however, the ongoing fermentation of Peru's energy emergency decree drove a broad rally in non-ferrous metals, and LME zinc rebounded; immediately after, Zazzinc's lead-zinc mine in Kazakhstan reduced its operating load following an accident, and LME zinc continued to surge......

The year 2026 marks the first year of the 15th Five-Year Plan. Against the backdrop of intensifying global macro volatility and the deepening of China’s high-quality development, the zinc industry is undergoing profound changes: structural tension is formed by ore supply tightness and smelting capacity release, while the divergence between domestic and overseas inventories reflects the complex dynamics of supply-demand rebalancing. Technological innovation is becoming the key driving force for resolving contradictions and reshaping the landscape. Key areas under the 15th Five-Year Plan, such as new energy and new-type infrastructure, are injecting new momentum into traditional zinc consumption. Meanwhile, driven by technological innovation, green, low-carbon and circular economy principles are accelerating the reshaping of industrial logic. With the joint support of upstream and downstream zinc enterprises, industry associations, and relevant parties, the 2026 SMM Zinc Conference, the 8th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum, the 14th Zinc Salts, Zinc Oxide and Secondary Zinc Resources Development Forum, and the Cast Zinc Alloy Development Forum, will be held on August 6–8 in Qingdao, Shandong. Centered on the theme “Gathering Zinc Momentum · Building the Zinc Industry · Embarking on a New Journey,” the event is driven by both macro perspectives and fundamental analysis. It closely follows the main theme of high-quality development under the 15th Five-Year Plan, focusing on four dimensions: macro policies, supply-demand patterns, global trade, and technological innovation. Through technological breakthroughs, it aims to drive cost reduction and efficiency improvement, and through collaborative innovation, it addresses market fluctuations, jointly drawing a new blueprint for the high-quality and sustainable development of the zinc industry. Gansu Changba Nonferrous Metals Co., Ltd. will attend this grand event with distinction, exploring industry development trends together with industry peers and working hand in hand to elevate the zinc industry to new heights. Click the to register now and participate in this extraordinary and far-reaching industry event, and jointly create a brilliant new chapter! ◆ Company Profile ◆ Gansu Changba Nonferrous Metals Co., Ltd., a subsidiary of Baiyin Nonferrous Group Co., Ltd., operates the Chengzhou Zinc Smelter and the Changba Lead-Zinc Mine. It is a large state-owned nonferrous metals enterprise integrating lead-zinc mining, beneficiation, smelting, and scientific research. The Chengzhou Zinc Smelter has an existing annual electrolytic zinc production capacity of 100 kt and is a modern smelter that integrates zinc metal smelting, comprehensive resource utilization, and R&D of new nonferrous metal smelting processes. The company adheres to the development direction of “lean synergy, digital integration, and green leadership,” closely focusing on the goal of creating an ultimate quality benchmark and continuously achieving breakthroughs in the improvement of zinc smelting quality. In 2026, the first batch of high-purity zinc ingots with a purity of 99.998% was successfully produced, injecting solid momentum into further enhancing the company’s core competitiveness, expanding the high-end zinc material market, and promoting high-quality development of the enterprise. Chengzhou Zinc Smelter constantly strives for excellence. With the successful production of 99.998% high-purity zinc ingot as a major breakthrough, it continues to increase R&D investment, actively introduces advanced and applicable production technologies and equipment, focuses on building a high-quality professional technical talent team, continuously optimizes the production process for 99.997% high-purity zinc ingot, and steadily carries out technical research on even higher-purity zinc products. ◆ Glorious Achievements: Quality Certified by Authorities ◆ The outstanding quality of the 99.998% high-purity zinc ingot has been widely recognized by authoritative institutions both inside and outside the industry, with numerous high-profile awards attesting to its quality excellence: · Technological Innovation Awards: With breakthroughs in core technologies such as "Research and Application of Low-impurity Electrolytic Zinc Standard Establishment," it won the "Second Prize for Science and Technology in the Nonferrous Metals Industry," the "First Prize for Science and Technology Progress of Gansu Province," and the "Special Prize for Science and Technology of CITIC Guoan Group Co., Ltd.," demonstrating technological strength recognized at national, provincial, and city-county levels; "R&D and Application of High-quality Zinc Ingot Preparation Technology" won a bronze award at the 11th International Invention Exhibition & the "Belt and Road" and BRICS Skills Development and Technology Innovation Competition; "Full-process Lean Management Creates Excellent Zinc Ingot Quality" won the Second Prize for Modern Management Innovation Achievement in the Nonferrous Metals Industry in 2025; it built the first 5G+ digital workshop in Nanshi, deployed industrial robots and unmanned AGV systems, achieved full-process automation of ingot production, and increased production efficiency by 30%. · Product Quality Awards: The main product zinc ingot (including the 99.997% specification) and the by-product sulphuric acid jointly won the highest honor in physical quality recognition for nonferrous metal products—the "Golden Cup Award," which is the industry's authoritative endorsement of their quality stability and superiority. In 2025, it was recognized as a "High-Quality Brand" by the China Nonferrous Metals Industry Association (CNIA). · Market Access Certification: The main product zinc ingot was successfully registered on the Shanghai Stock Exchange, gaining standardized market circulation qualifications; its brand value reached 2.482 billion yuan, ranking 31st among "Product Brands" nationwide, laying a solid foundation for the market promotion of 99.997% high-purity zinc ingot. ◆ Diverse Applications: Empowering High-End Industry Development ◆ With extremely low impurity content and excellent chemical stability, 99.998% high-purity zinc ingot demonstrates irreplaceable application value in multiple high-end fields: · High-End Electronics: As a core raw material for electronic component coatings, its low impurity characteristics effectively enhance the conductivity and service life of electronic devices, making it widely used in the production of precision electronic components such as integrated circuits and smartphone chips. · Aerospace Sector: Used in anti-corrosion coatings for aerospace components and the manufacturing of lightweight alloy materials, its stable physical and chemical properties ensure adaptability to extreme environments, safeguarding the reliability of aerospace equipment. · Pharmaceutical and Chemical Sector: Serves as a raw material for pharmaceutical intermediates and high-end catalysts. Its high purity ensures product safety and efficacy, meeting the stringent standards of the pharmaceutical and chemical industry. · New Energy Sector: In the production of new energy products such as zinc-based batteries and energy storage devices, high-purity zinc ingots can enhance battery energy density and cycle life, facilitating the upgrade of the new energy industry. ◆ Outstanding Achievements: Market Recognition Underscores Strength ◆ With a zinc ingot capacity of 100kt, the 99.998% high-purity zinc ingot, featuring core advantages of low lead, low iron, and low cadmium, was highly recognized by downstream clients immediately upon market launch, delivering an impressive market performance: · Industry-Leading Zinc Ingot Quality: Zinc ingot purity reaches 99.998%, with lead content at 0.0009%, iron content stable at 0.0003%, and cadmium, tin, and aluminum consistently maintained at 0.0002%, representing a leading position in the zinc smelting industry. · Extensive Market Coverage: Products were rapidly sold to core markets such as Shanghai and Xuzhou, covering multiple sectors like high-end electronics and precision manufacturing, breaking the market supply bottleneck for high-end high-purity zinc ingots. · Leading Client Satisfaction: Thanks to stable purity, extremely low impurity content, and reliable supply capability, a stable client base and strong market reputation have been established. The client satisfaction rate for 2025 was 100%. ◆ Future Outlook: Sustaining Leadership in High-Quality Development ◆ Chengzhou Zinc Smelter consistently pursues excellence and continuous improvement. With the successful production of 99.998% high-purity zinc ingots as a major breakthrough, it will continue to increase R&D investment, actively introduce advanced and applicable production technologies and equipment, focus on building a high-quality professional technical team, continuously optimize the production process for 99.997% high-purity zinc ingots, and steadily undertake technical research into even higher-purity zinc products. Simultaneously, it will deepen industry-academia-research collaborative innovation, expand application scenarios for high-purity zinc in fields such as high-end manufacturing and new materials, and drive integrated improvement and coordinated development across the upstream and downstream industry chain. The enterprise is committed to becoming a lean benchmark in the industry, continuously strengthening whole-process quality management, deeply cultivating green and low-carbon production, and accelerating intelligent transformation and upgrading. Through solid efforts and tangible results, it will promote corporate quality enhancement, efficiency improvement, and transformation, contributing real "ChengYe strength" to the high-quality development of the zinc smelting industry. ◆ Contact ◆ Long press & scan to register now 2026 SMM Zinc Conference

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2606 contract opened higher with a gap at 24,620 yuan/mt. At the beginning of the session, bulls increased open interest, and SHFE zinc quickly rose to a high of 24,820 yuan/mt before losing upward momentum and shifting its center lower to trade in a range. It finally closed up at 24,640 yuan/mt, gaining 260 yuan/mt or 1.07%. Trading volume fell to 78,623 lots, while open interest increased by 2,742 lots to 90,915 lots.

[SMM Morning Meeting Minutes: Increasing Mine-Side Disruptions, LME Zinc Continues to Rally] Overnight, LME zinc opened at $3,482/mt. At the beginning of the session, LME zinc briefly dipped to a low of $3,457/mt. Subsequently, bulls increased their open interest, and LME zinc fluctuated upward throughout the session, touching a high of $3,542.5/mt near the close. It ultimately closed higher at $3,532.5/mt, up $50.5/mt, a gain of 1.45%. Trading volume increased to 15,265 lots, and open interest rose by 727 lots to 242,000 lots.

Spot silver surged 7.07% on May 11, breaking above $86/oz. Peru, a leading global silver producer, issued an energy crisis emergency decree on the same day. With mining operations highly dependent on stable energy, the shortage is expected to reduce global marginal silver supply, further boosting prices amid low inventory levels.