[Zinc Concentrate Production Update] SMM understands that a mine in central China plans to undergo maintenance and suspend production for a short period in July, which is expected to result in a MoM reduction of approximately 500 mt in metal content of zinc concentrates in July.

[Zinc Concentrate Production Update] SMM understands that a zinc mine in southwest China remained suspended throughout June. The resumption of production is now expected to be delayed until mid-July, which is expected to bring an increase of nearly 500 mt in metal content.

[Zinc Concentrate Tender] SMM understands that last week, the tender result for zinc concentrates from a mine in northern China was announced. The EXW tender price was around 750 yuan/mt in metal content (including the 80/20 split), with excess metal content not priced. SMM will continue to monitor subsequent changes in TCs.

According to the latest customs data, China imported 396,500 metric tons (gross weight) of zinc concentrate in May 2026, down 11.42% (51,100 metric tons) from April and 19.31% lower year-on-year. Cumulative imports during January–May reached 2.3987 million metric tons, representing an increase of 8.84% compared with the same period last year.

[Zinc Concentrates Monthly Import Data] According to the latest customs data, in May 2026, imported zinc concentrates were 396,600 mt (in physical content), down 11.42% MoM from April (51,100 mt in physical content) and down 19.31% YoY. Cumulative zinc concentrates imports from January to May were 2.3987 million mt (in physical content), up 8.84% YoY.

[SMM Flash] Falco Resources (TSXV: FPC) announced an updated feasibility study on Wednesday for its Horne 5 polymetallic project in western Quebec, more than tripling the project's value. Discounted at 5%, the update drives Horne 5’s post-tax net present value (NPV) up by 244% to C$3.35 billion ($2.37 billion), with the internal rate of return (IRR) rising to 28%, while initial capital costs increased 62% to C$1.75 billion. Boosted by the surging valuation and the province's announcement that its environmental review is nearing completion (expected by fall 2026), Falco's shares jumped 17% to C$0.59 on Thursday morning. Over a 15-year mine life, the project—boasting 80.9 million tonnes of proven and probable reserves—is projected to produce 3.3 million oz. of gold, 27.2 million oz. of silver, 1.1 billion lb. of zinc, and 247.3 million lb. of copper, with an offtake agreement already in place with Glencore for the copper and zinc concentrates.

[Imported Zinc Concentrate Market] Overseas ore supply disruptions have persisted recently. Offers for imported ore remained scarce this week, with some heard quoted at around -$80 to -$90/dmt, but smelters held a strong wait-and-see sentiment, keeping overall trading activity sluggish during the week.

[China's Zinc Concentrate Market] This week, China's zinc concentrate TCs extended their decline. In June, some domestic smelters conducted routine maintenance and cut production, but the overall refined zinc output did not drop significantly MoM. The domestic ore shortage has yet to ease, and close attention will be paid to the operating conditions of smelters going forward.

[Bolivia's Zinc Concentrate Transport Affected] According to market sources, recent turmoil in Bolivia, with nationwide protests severely disrupting traffic, has hindered the export transportation of Bolivian zinc concentrates. The duration and extent of the impact are currently unknown, and SMM will continue to monitor subsequent developments.

[Zinc Concentrate TCs Continued to Fall, SHFE Zinc Maintained Fluctuating Trend] The most-traded SHFE zinc 2608 contract opened at 24,800 yuan/mt. After opening, SHFE zinc maintained fluctuating trend below the daily average line, touching a high of 24,870 yuan/mt at the beginning of the session, dipping to a low of 24,725 yuan/mt during the session, and finally closing down at 24,820 yuan/mt.....