[SHFE/LME price ratio remains low, imported zinc ore TCs continue to rise]: This week, domestic zinc ore TCs remained stable, while imported zinc ore TCs increased MoM. Specifically, the average weekly SMM Zn50 domestic TC price remained unchanged MoM at 3,900 yuan/mt (metal content), and the SMM imported zinc concentrates index rose 8.05 $/dmt MoM to 90.3 $/dmt...

[Revision of Import Standards for Zinc Concentrate] According to the National Standards Full-Text Disclosure System, the State Administration for Market Regulation and the Standardization Administration of China issued the new version of the "The specification for limit on harmful element content of the heavy nonferrous metal concentrates products" (GB/T20424-2025) on February 28, 2025, which is scheduled to be implemented on September 1, 2025. Regarding the provisions for zinc concentrates, the new standard mainly revised the limit of arsenic (As) in zinc concentrates from 0.60% to 0.50%, and added a limit of 0.02% for thallium (Tl) in zinc concentrates and mixed lead-zinc concentrates. Based on communications with major domestic zinc ore importing enterprises, SMM understands that this standard revision is expected to have no significant impact on China's zinc ore imports. SMM will continue to monitor subsequent developments.