[Smelters Focus on Domestic Ore Procurement; TCs Continue to Decline in Many Regions]: On a weekly basis, the average SMM Zn50 domestic weekly TC fell 150 yuan/mt Zn WoW to -750 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $6.85/dmt WoW to -$90.15/dmt....

[China begins negotiations on July zinc concentrate TCs, awaiting results next week]: On a weekly basis, the SMM Zn50 domestic weekly TC averaged price remained flat WoW at -200 yuan/mt Zn, while the SMM imported zinc concentrate index fell $5.74/dmt WoW to -$77.5/dmt..

Time flies as the midpoint of 2026 approaches. The zinc concentrate market has witnessed another extraordinary price cycle this year. As of June 12, domestic zinc concentrate treatment charges (TCs) plunged to -50 yuan per metric ton of zinc metal, marking the arrival of negative TCs. Meanwhile, TCs for imported zinc concentrate tumbled to -71.2 US dollars per dry metric ton, both hitting all-time record lows.

[Domestic Zinc Concentrate TCs Reach Negative Territory, TCs Continue to Decline]: On a weekly basis, the average SMM Zn50 domestic weekly TCs fell by 100 yuan/mt Zn WoW to -50 yuan/mt Zn, and the SMM imported zinc concentrate index dropped by $0.45/dmt WoW to -$71.20/dmt..

[Domestic zinc concentrate TCs see more negative deals, overall decline continues]: From weekly data, SMM Zn50 domestic weekly average TCs fell 100 yuan/mt Zn WoW to 50 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $7.3/dmt WoW to -$70.75/dmt..

As mid-year approaches, financial reports of major listed overseas mining companies for the first quarter have all been released. A combination of earthquakes, falling ore grades, floods and other disruptions has hampered global mine operations, driving down overseas zinc concentrate output both year-on-year and quarter-on-quarter in Q1 2026.

[Domestic Ore Market Tightness Persists, Zinc Concentrate TCs Continue to Decline]: Based on weekly data, the SMM Zn50 domestic weekly average TC fell 150 yuan/mt Zn WoW to 550 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $8.45/dmt WoW to -$54.2/dmt.

After returning from the Chinese New Year holiday, Q4 reports from listed miners outside China have been released one after another recently. 2025 was a period of concentrated release of new capacity at mines outside China. What was the specific situation? What are the expectations for 2026? Let us analyze it by enterprise.

[Imported Zinc Concentrate Market] According to SMM, offers for imported zinc concentrates in the recent market were chaotic, but the overall offer center continued to decline. It was heard that offers for Gamsberg zinc ore also fell to around $60/dmt. Imported zinc concentrate TCs declined further this week.

[Zinc Concentrate TCs Negotiations Started in December, TCs Continued to Decline]: Domestic zinc concentrate TCs continued to decrease this week. On a weekly basis, the SMM Zn50 domestic weekly TC average dropped 300 yuan/mt in metal content WoW to 2,050 yuan/mt in metal content, while the SMM imported zinc concentrate index fell $11.8/dmt WoW to $61.25/dmt....