LS Corp. announced on August 14 that its second-quarter revenue reached KRW 11.0236 trillion, with operating profit of KRW 595.6 billion. The figures increased 40% and 153%, respectively, from the same period last year. Among its subsidiaries, LS MnM recorded revenue of KRW 10.2362 trillion and operating profit of KRW 365.3 billion in the first half. Compared with the first half of last year, revenue rose 58%, while operating profit surged 427%. The company attributed the increase in operating profit to higher copper cathode premiums and rising prices for precious metals and sulfuric acid products.

According to the National Bureau of Statistics, national sulfuric acid (100% basis) output in June 2026 reached approximately 7.923 million tons (vs. 8.365 million in May, 8.948 million in April, and 9.637 million in March, showing a month‑on‑month decline). The year‑on‑year change for the month was about ‑10%. For the first half of the year (January–June), cumulative production totaled roughly 52.223 million tons, a year‑on‑year decrease of about ‑0.1% (down from +1.9% in the January–May period, mainly due to the sharp 10% drop in June). Production remains heavily concentrated in smelting and phosphate‑fertilizer provinces such as Yunnan, Inner Mongolia, Guangxi, Anhui, Henan, and Shandong—with Yunnan ranking first at about 1.24 million tons per month. Smelter acid (by‑product from copper/zinc processing) forms the supply backbone, while acid for phosphate fertilizer drives the bulk of demand.

Indonesian customs data shows that 18,998 tons of sulfuric acid were imported from China in June. Market rumors suggest that this shipment was exported by Guangxi Jinchuan Nonferrous Metals Co., Ltd. (hereinafter referred to as "Jinchuan") to PT Huafei Nickel Cobalt (Indonesia). According to SMM's understanding, this order corresponds to the sulfuric acid that Jinchuan loaded onto a vessel on April 28. The appearance of this volume in June's data is due to a timing mismatch—either in Indonesia's customs clearance process or in the filing of the certificate of origin.

“ In the critical period of global energy transition and the reshaping of the manufacturing landscape, the lead-zinc industry chain is undergoing profound structural adjustments. Upstream mine resources remained tight continuously, smelting and processing profits were under pressure, while downstream application fields represented by batteries and galvanizing faced opportunities and challenges from new technology iterations and green low-carbon transformation. Against this backdrop, collaboration and price risk management across the industry chain are more important than ever before. SMM deeply insights into industry needs and dedicates to creating a unique industry conference. This conference will focus on downstream applications and long-term contract supply-demand matching, aiming to build a high-end communication platform integrating macro outlook, price analysis, and long-term contract negotiations. The conference will not only analyze in depth the market trends of lead, zinc, precious metals, copper, tin, antimony, bismuth, and other associated metals, but also innovatively set up a long-term contract supply-demand negotiation meeting as a highlight, striving to help clients seize market opportunities in 2027 and foster business cooperation through precise data services and practical agenda design. In the golden autumn of October, we sincerely invite leading enterprises and elites of the lead-zinc industry chain from China and overseas to gather together, to have open exchanges and seek common development in a relaxed and pleasant negotiation atmosphere! Nandan County Zhenghua Non-Ferrous Metals Company will attend this grand event, discussing industry development trends with industry peers and jointly promoting the lead-zinc industry to a new height. Click on the to register immediately, and join us to witness and participate in this significant and far-reaching industry event, creating a new chapter of brilliance together! Nandan County Zhenghua Non-Ferrous Metals Company was founded in 2000, with a history of over 20 years. Located at Xiaoping Tun, Daping Village, Chehe Town, Nandan County (within Hechi-Nandan Non-Ferrous Metal New Material Industrial Park), the company is mainly engaged in non-ferrous metal rolling and processing. It completed construction of a lead-antimony smelting production process using the advanced "oxygen-enriched bottom side-blowing bath smelting-oxidation-reduction fuming triple furnace—smelting flue gas double conversion and double absorption acid-making" technology to process antimony-lead concentrates, gold-antimony ore, and comprehensively recover gold, silver, copper, and bismuth, and has a complete antimony industry chain deep processing enterprise. Designed total metal capacity is 45,000 mt/year, including antimony ingot (10,000 mt/year), antimony trioxide (10,000 mt/year), lead ingot (25,000 mt/year), silver ingot (100 mt), gold ingot (2 mt), sulfuric acid (60,000 mt), and comprehensive recovery of other valuable metals. Total investment is 850 million yuan, covering a total area of 172 mu. The company has obtained certifications for quality management system, environmental management system, occupational health and safety management system, and energy management system from the national quality certification center, and has been rated as a Guangxi S&T enterprise, high-tech enterprise, specialized and sophisticated enterprise, enterprise technical center, gazelle enterprise, and national-level green factory. Zhenghua Nonferrous Metals Co., Ltd. has a group of experienced and skilled management personnel, technical personnel, and operators, forming an excellent management team with high enforcement capability. The company has departments such as Office, Production Department, Safety and Environmental Protection Department, Finance Department, Operations Department, Logistics Department, Engineering Department, and Electrical and Mechanical Section, with over 400 employees, including 60 professional and technical personnel. Over the years, with the care and support from Party committees and governments at all levels, peers in the industry, and people from all walks of life, Zhenghua Company has been committed to the concepts of safe production, circular economy, green development, honest operation, and win-win cooperation, dedicated to serving users wholeheartedly, committed to gathering talents and building a first-class management team, and striving to advance towards the goal of "10 billion Zhenghua". Contact Information zhenghuayelian@163.com Long Press to Scan and Sign Up Now 2026 SMM Lead-Zinc Annual Conference

Sentiment in China’s battery-grade manganese sulfate market has gradually returned to rationality, as the flood-related factors that previously lifted prices in Guangxi continue to ease.In early July, continuous heavy rainfall and floods hit major production areas in Guangxi. Rising river levels and disrupted logistics forced multiple manganese sulfate producers to suspend operations for safety inspections and equipment maintenance, triggering a temporary shrinkage of available spot supply.

As of July 28, LME zinc inventories (including off-warrant stocks) had fallen to 119,600 mt, down by approximately 45,000 mt from mid-June. As overseas inventories continued to decline, the LME zinc market structure shifted from contango to backwardation, with the backwardation widening further. By July 28, the LME zinc cash-to-3M spread had strengthened to US$61.09/mt.

① Policy: China's first national standard for vehicle solid-state batteries (GB/T43568-2026) took effect, paired with a consumption tax exemption; ② Materials: multiple hundred-ton-level sulfide production lines commenced commissioning in Q3, with a leading EV manufacturer completing a 1‑ton electrolyte tender (awarded below RMB 2 million/ton), signaling the industry's shift to "ton‑level transactions"; ③ Products ：SVOLT Energy's hybrid solid-liquid batteries entered volume production in Q3,

Global primary copper supply is projected to face a 25% deficit by 2035 under current policy settings despite record-high prices, as new project development fails to keep pace with demand, according to a report by the International Energy Agency (IEA). The IEA highlighted declining ore grades as a core structural headwind, noting that average copper ore grades worldwide have dropped by 40% since 1991. This depletion has significantly increased project complexity and capital expenditure. Capital intensity for brownfield expansions has escalated by 65% since 2020, approaching levels historically associated with new greenfield developments. Concurrently, greenfield discoveries have slowed dramatically, with only 5% of all copper deposits identified over the past 35 years discovered within the last decade. In the near term, project delays, cost overruns, and mine disruptions continue to tighten the copper concentrate market. Furthermore, limited availability of sulfuric acid has emerged as a key operational risk for solvent extraction-electrowinning (SX-EW) cathode production, compounding immediate supply constraints across global operations.

According to China Customs data, China imported 2.7616 million tonnes (gross weight) of zinc concentrate during January–June 2026, up 8.98% year on year, with overall imports posting modest growth compared with the same period last year.

【Domestic Zinc Concentrate Market】According to SMM, sulfuric acid prices across many regions in China have recently remained elevated at RMB 1,500–1,900/mt, continuing to provide strong profit support for domestic zinc smelters. The domestic zinc concentrate market remained tight in July, while the domestic-to-import price ratio stayed unfavorable, prompting smelters to continue prioritizing purchases of domestic zinc concentrate. Mainstream domestic treatment charges (TCs) have now declined to -500 to -1,000 yuan/metal tonne.