【Domestic Zinc Concentrate Market】Domestic smelters maintained steady purchasing volumes of domestic zinc concentrate this week, and the tight supply pattern of domestic zinc concentrate persisted. Treatment charges kept edging down across most regions. Except for individual northern provinces, treatment charges for domestic zinc concentrate have generally slipped into negative territory nationwide.

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.

[Peru's "Gas Shortage" Energy Crisis Disrupts Zinc Concentrates Supply] Due to a rupture in Peru's natural gas pipeline (Megantoni district, Cusco province), the country fell into a "gas shortage" predicament, with electricity production and fuel supply severely affected. State-owned oil company Petroperú plunged into a serious financial crisis, and Peru is facing a severe nationwide energy crisis.

[April China TCs Expected to Face Resistance to Further Gains, Pending the Conclusion of Follow-up Negotiations]: Weekly data showed that the average weekly SMM Zn50 domestic TC held flat at 1,550 yuan/mt in metal content, while the SMM imported zinc concentrates index fell $7.51/dmt MoM to -$2.28/dmt...

[Imported Zinc Concentrate Market] Recently, typhoon weather in Australia has continued to disrupt zinc concentrate transportation, and expectations of tight imported zinc concentrates are expected to persist. Traders in the market have continued to lower TC quotations, and currently quotations for zinc-rich concentrates on spot cargo vessels have fallen to negative levels.

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? .

[TCs Rose in Some Regions in March, Focus on Subsequent Negotiation Results]: On a weekly basis, the SMM Zn50 domestic weekly TC average increased by 50 yuan/mt in metal content from the pre-holiday level to 1,550 yuan/mt in metal content, while the SMM imported zinc concentrate index decreased by $0.6/dmt from the pre-holiday level to $23.75/dmt...

Historically, domestic zinc concentrate production typically declines continuously from December to February each year. There are two main reasons: first, some mines undergo routine shutdowns in winter due to weather conditions; second, the Chinese New Year holiday falls early in the year, during which many mines suspend operations or conduct maintenance. As this year's Chinese New Year holiday approaches, how will these factors specifically affect domestic zinc concentrate supply？

SMM Analysis：As of January 30, the most-traded SHFE zinc contract closed at 25,835 yuan/mt, up 2,525 yuan/mt for the month, a gain of 10.83%. Zinc prices rose significantly in January, hitting a low of 23,410 yuan/mt early in the month and reaching a high of 26,985 yuan/mt by month-end, with the overall price center shifting notably higher. With the Chinese New Year holiday approaching, how will zinc prices perform in February......

[Chinese New Year Stockpiling Largely Completed, Domestic TCs Remain Stable]: On a weekly basis, the SMM Zn50 domestic weekly TC average price held flat WoW at 1,500 yuan/mt in metal content, while the SMM imported zinc concentrate index fell $4.25/dmt WoW to $25.5/dmt....