Following a rapid and intense escalation of trade war throughout March and April, the governments of the United States and China reached a temporary agreement on May 12 after talking in Geneva, to partially suspend tariff and reestablish a channel for bilateral negotiations......

【Partial Smelter Maintenance Leads to Slight Increase in Domestic TCs in May】: This week, zinc concentrate TCs saw a slight increase. The weekly average SMM Zn50 domestic TC price rose by 50 yuan/mt (metal content) WoW to 3,500 yuan/mt (metal content), while the weekly average SMM Zn50 imported TC price remained flat WoW at $40/dmt...

According to SMM's knowledge, Teck Resources’ zinc and lead concentrates from the Red Dog mine in Alaska — originally destined for China — is affected following China’s latest round of retaliatory tariffs on American goods. Teck executives immediately engaged with Chinese clients, but buyers reportedly expressed reluctance to bear the full cost of the new tariffs on upcoming shipments. In response, Teck’s commercial team has flown to China to renegotiate contracts with major customers, including discussions on swapping Red Dog concentrates with material from Teck’s non-U.S. mines or third-party sources. CEO Jonathan Price acknowledged during the company’s April 24 earnings call that the Chinese tariffs are creating supply challenges, and noted that the commercial team is actively evaluating various solutions — including redirecting shipments to other markets. During Trump's first administration, China imposed 25% tariffs on U.S.-origin zinc concentrates and 10% on lead. At that time, Teck and its customers shared the costs, allowing shipments to continue into China. With the new tariffs even higher, similar arrangements may prove more difficult. Luckily, Red Dog only ships annually during a four-month window each summer once sea ice melts. This gives Teck some time to finalize a workaround. Teck has declined to comment on specific negotiations but confirmed that shipments won't begin before July, demand remains strong and they have a regionally diversified customer base.

【SMM Flash News】 Teck released its Q1 2025 report, revealing that its zinc concentrates production for the quarter was 137,300 mt, down 14% YoY. Among this, the zinc ore production from the Red Dog mine in Q1 was 116,800 mt, while the production from the Antamina mine attributable to Teck was 20,500 mt.

[SMM News] Teck released its Q1 2025 report, revealing that its zinc concentrates production for the quarter was 137,300 mt, down 14% YoY. Among this, the zinc ore production at the Red Dog mine in Q1 was 116,800 mt, while the production at the Antamina mine attributable to Teck was 20,500 mt.

On Thursday, April 24, Canadian miner Teck Resources released its Q1 earnings report, showing an increase in copper sales YoY and maintaining its 2025 forecast unchanged. The report indicated that Q1 copper sales reached 106,200 mt, up 11% YoY, reflecting higher sales from Highland Valley Copper and Carmen de Andacollo. (Webstock Inc.)

On Thursday, April 24, Canadian miner Teck Resources released its Q1 performance report, showing an increase in copper sales YoY, while maintaining its 2025 forecast unchanged. The report indicated that Q1 copper sales reached 106,200 mt, up 11% YoY, reflecting higher sales from Highland Valley Copper and Carmen de Andacollo. Q1 zinc concentrate sales were 108,400 mt, up 10% YoY, supported by the timing of sales from Red Dog and increased sales from Antamina. Red Dog's zinc concentrate sales in Q1 were 90,800 mt, exceeding the previously announced guidance range of 75,000-90,000 mt. Q1 copper production was 106,100 mt, an increase of 7,100 mt YoY, with stable performance from existing operations. Production at the Carmen de Andacollo and Highland Valley Copper mines was higher than the same period last year. QB produced 42,300 mt of copper, with production impacted by ongoing shutdowns in January, a nationwide power outage in Chile, and challenging weather conditions. Q1 zinc concentrate production was 137,300 mt, down 14% YoY, as a decline in production at the Red Dog mine partially offset an increase in production at the Antamina mine. The reduction in production at the Red Dog mine was due to lower ore grade and recovery rates, as expected. Teck Resources maintained its previously announced production guidance, with copper production guidance remaining at 490,000-565,000 mt.

SMM Analysis:On April 10, China increased the tariff rate on imported goods originating from the US from 84% to 125%. On April 15, the White House released a fact sheet stating that Chinese products exported to the US would face tariffs of up to 245%...

SMM Analysis: How Will the Escalation of US-China Rivalry Impact China's Zinc Ore Market? On April 10, China increased the tariff rate on imported goods originating from the US from 84% to 125%. On April 15, the White House released a fact sheet stating that Chinese products exported to the US would face tariffs of up to 245%. The "tariff storm" of 2025 has once again unfolded, with escalating tariffs affecting global nerves...

【SMM Flash News】Teck's zinc concentrate production in Q4 2024 was 146,000 mt, with a total zinc concentrate production of 615,600 mt in 2024, in line with the previous production guidance. Among them, the production of the Red Dog mine in 2024 was 555,600 mt, and the production of the Antamina mine attributable to Teck was 60,300 mt.