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 Flash News] According to the latest customs data, China imported 330,000 mt (metric tons) of zinc concentrates in June 2025, down 32.87% MoM from May (161,600 mt), and up 22.42% YoY. The cumulative zinc concentrate imports from January to June 2025 reached 2.5339 million mt (metric tons), up 47.74% YoY.

SMM Analysis：As of June 6, 2025, the SMM weekly domestic zinc concentrate TC rose to 3,600 yuan/mt (metal content), and the SMM imported zinc ore index increased by $50.35/dmt, with overall processing fees continuing to rise compared to May. Behind the sustained high production of smelters, what factors are driving the increase in zinc concentrate TCs in June? Let's analyze this from the supply side.....

[SMM Analysis: Zinc Concentrate TCs Continue to Rise in June; What is the Current Situation of the Domestic Zinc Ore Market?] As of June 6, 2025, SMM's weekly domestic zinc concentrate TCs rose to 3,600 yuan/mt (metal content), and the SMM imported zinc ore index rose to $50.35/dmt, with overall TCs continuing to rise compared to May. Behind the sustained high production at smelters, why did zinc concentrate TCs rise in June? Let's analyze it from the supply side...

[SHFE/LME Price Ratio Rises Near 8.5, Zinc Ingot Import Window Closes]: This week, the SHFE/LME price ratio rose near 8.5, and the zinc ingot import window closed. From an overseas perspective, Moody's downgraded the US credit rating from Aaa to Aa, and market sentiment about the economy continued to rise. Later, Bostic reiterated his preference for only one interest rate cut this year, and LME zinc declined amidst sentiment and low expectations for interest rate cuts.

[This week, the zinc price on both SHFE and LME maintained a fluctuating trend due to the resonance between fundamental and macro front factors] At the beginning of the week, influenced by the lingering market uncertainties, LME zinc continued its fluctuating trend from last week; subsequently, Moody's downgraded the US credit rating from Aaa to Aa, ending its highest rating for the US since 1917, which intensified market concerns. Meanwhile, Bostic reiterated his preference for one interest rate cut this year, and LME zinc declined amidst the sentiment-driven and low interest rate cut expectations...

[SMM Zinc Morning Comment] Overnight, LME zinc opened at $2,673/mt. Subsequently, LME zinc fluctuated rangebound along the daily average line, dipping to a low of $3,660.5/mt during the period. During European trading hours, bears reduced their positions, pushing the center of LME zinc above the daily average line. The night session saw LME zinc touch a high of $2,727.5/mt, before pulling back slightly at the end of the session. It ultimately closed up at $2,724.5/mt, up $52/mt or 1.95%. Trading volume decreased to 81,021 lots, while open interest fell by 6,088 lots to 218,000 lots...

[SMM Morning Meeting Summary: US Dollar Index Weakens, LME Zinc Center Moves Higher] Overnight, LME zinc opened at $2,673/mt, then fluctuated rangebound along the daily average line, dipping to a low of $3,660.5/mt. During European trading hours, as bears reduced their positions, the center of LME zinc moved higher above the daily average line. The night session saw LME zinc touch a high of $2,727.5/mt, before pulling back slightly at the end of the session. It ultimately closed up at $2,724.5/mt, up $52/mt or 1.95%. Trading volume decreased to 81,021 lots, while open interest fell by 6,088 lots to 218,000 lots.