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.

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.

According to the latest customs data, China imported 447,700 mt in physical content of zinc concentrates in April 2026, down 17.95% MoM from March (97,900 mt in physical content) and down 9.49% YoY. Cumulative zinc concentrate imports from January to April totaled 2.0021 million mt in physical content, up 16.92% YoY cumulatively.

[Zinc Concentrate TCs Continue to Fall, Awaiting May Pricing Results]: On a weekly basis, the SMM Zn50 domestic weekly average TC fell $200/mt Zn WoW to 1,050 yuan/mt Zn, while the SMM imported zinc concentrates index dropped $7.63/dmt WoW to -$36.13/dmt...

According to the latest customs data, China imported 594,800 mt of zinc concentrates (mt in physical content) in January 2026, setting a new monthly record high. Zinc concentrate imports were 413,900 mt (mt in physical content) in February, bringing cumulative imports in January-February to 1.0088 million mt (mt in physical content), up 17.5% YoY. .

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.

On February 28, Israeli Air Force fighter jets crossed thousands of kilometers of airspace to conduct a daylight precision strike on the center of Tehran, Iran's capital, drawing significant market attention. How will this conflict impact zinc concentrates? .

SMM Analysis：According to the latest customs data, China imported 462,500 mt in physical content of zinc concentrates in December 2025, down 10.87% (56,400 mt in physical content) MoM from November, but up 1.15% YoY. Cumulative zinc concentrate imports for January-December totaled 5.3305 million mt in physical content, up 30.1% YoY......

[Zinc Concentrates Imports] According to the latest customs data, zinc concentrate imports in December 2025 totaled 462,500 mt (in physical content), down 10.87% (56,400 mt in physical content) MoM from November, but up 1.15% YoY. Cumulative zinc concentrate imports for January-December reached 5.3305 million mt (in physical content), up 30.1% YoY.

[Zinc Concentrates Imports] According to the latest customs data, zinc concentrate imports in December 2025 totaled 462,500 mt (in physical content), down 10.87% (56,400 mt in physical content) MoM from November, but up 1.15% YoY. Cumulative zinc concentrate imports for January-December reached 5.3305 million mt (in physical content), up 30.1% YoY.