As we near the midpoint of the year, zinc concentrate treatment charges (TCs) have repeatedly tumbled to historic lows. As of June 5, the average TC for domestic zinc concentrate fell to 50 yuan per metric ton of metal content, while the TC for imported zinc concentrate dropped to -70.75 US dollars per dry metric ton.

According to China Customs data, China’s total chromite ore imports stood at 2.3278 million tons in April 2026, down 4.6% month-on-month while rising 53.65% year-on-year.

After pushing to fresh highs in early May, Chinese Nickel Pig Iron prices have begun retreating as every pillar that supported the late-April surge — refined nickel, stainless margins, and scrap economics — starts to weaken simultaneously.

Given the high reliance of the Copperbelt’s mineral processing and logistics on critical consumables supplied via the Middle East, SMM conducted a 17-day field investigation across the Copperbelt to assess the short-term stability of the copper supply chain and the impact of regional infrastructure bottlenecks, engaging with 25 stakeholders in Zambia and DRC and covering the entire value chain, ranging from mining, smelting, refining to downstream logistics and infrastructure investment.

Three distinct phases — scrap competition, supply-side cost shocks, and a refined nickel rally — show how pricing power for the world's dominant stainless steel feedstock now sits less in Jakarta than on the LME and SHFE.