According to the latest customs data, China’s zinc concentrate imports in October 2023 were 434,700 mt, a month-on-month increase of 0.62% and a year-on-year increase of 10.44%.

In May, although profits of smelters have been reduced due to falling prices of sulphuric acid recently, the overall output of smelters has remained at a relatively high level.

Raw material inventory at smelters stood at 27.94 days of production in March, a month-on-month increase of 0.23 day.

Since the persisting closed import window will discourage traders from selling, and the latest quotes and transaction prices of TCs still trend lower, the following TCs are still inclined to drop further.