Non-ferrous

Non-ferrous
Base Metals

Rare Earth

Scrap Metals

Minor Metals

Precious Metals

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Zinc Highlights:
・Smelter capacity ramp-up: Where will zinc concentrate TC head in H2?
・Persistent overseas tariff disruptions: What to expect from zinc consumption?
・Post-H1 price slump: How will zinc prices trend?
Lead Highlights:
・Tightening lead concentrate TC & sustained secondary lead losses: How will smelters operate?
・Domestic replacement programs vs. export tax constraints: Will peak-season consumption persist?
・Balanced supply-demand: What’s lead’s potential trading range?