[MMG Q1 2026 Report Released] MMG released its Q1 2026 report. Its zinc ore production in the quarter was 50,200 mt, down 3% YoY. By mine, Dugald River's Q1 zinc concentrates production was 41,100 mt, basically flat YoY despite severe flooding and railway disruptions in January and February, thanks to higher throughput, recovery rates, and ongoing beneficiation plant optimization. Rosebery's Q1 zinc concentrates production was 9,100 mt, down 16% YoY, mainly attributable to lower zinc grade and a slight decline in recovery rates, in line with the planned mining sequence as operations advance into deeper areas of the ore body.

According to the latest customs data, China imported 545,600 mt in physical content of zinc concentrates in March 2026, up 31.8% MoM from February (131,700 mt in physical content) and up 51.78% YoY. Cumulative zinc concentrates imports from January to March totaled 1.5544 million mt in physical content, up 27.64% YoY cumulatively.

[Zinc Concentrates Monthly Import Data] According to the latest customs data, imported zinc concentrates in March 2026 were 545,600 mt (mt in physical content), up 31.8% MoM from February (131,700 mt in physical content) and up 51.78% YoY. Cumulative zinc concentrates imports from January to March totaled 1.5544 million mt (mt in physical content), up 27.64% YoY cumulatively.

[Australian Refinery Fire Sparks Zinc Ore Supply Concerns] According to SMM, a fire broke out at the Viva Energy refinery in Geelong, Victoria, Australia, at around 11 PM on April 15, causing a partial shutdown. The refinery is one of only two still operating in Australia, supplying approximately 50% of Victoria's fuel and 10% of the nation's total fuel demand. Given the uncertain production situation and Australia's long-term dependence on diesel imports, the incident sparked market concerns over Australian lead and zinc ore supply. Zinc prices briefly surged above $3,400/mt. Subsequent attention will focus on Australian zinc concentrates production and transportation conditions.

[US Dollar Index Pulled Back, SHFE Zinc Rose Intraday]: The most-traded SHFE zinc 2605 contract opened at 23,720 yuan/mt. After the opening, SHFE zinc fluctuated higher, hitting an intraday low of 23,645 yuan/mt and touching a high of 23,800 yuan/mt near the close. It finally settled up at 23,790 yuan/mt, gaining 80 yuan/mt or 0.34%.

On March 27, Jinhui Mining disclosed its 2025 annual report. The report showed that in 2025, the company produced 71,783.8 mt in metal content of zinc concentrates, 22,508.09 mt in metal content of lead concentrates, and 30,323.88 kg of by-product silver. During the reporting period, the company completed the acquisition of the remaining 51% equity in its subsidiary Gansu Haosen Mining Co., Ltd., achieving 100% ownership of the company. The mining rights consolidation of the Jiangluo mining area was fully completed, with the mining rights held by the company in the Jiangluo mining area consolidated into its wholly-owned subsidiary Xicheng Mining, achieving unified ownership.

On April 11, Tibet Huayu Mining Co., Ltd. issued a disclosure announcement regarding the signing of a "Share Transfer Agreement" and a "Concert Party Agreement" by its controlling shareholder, as well as the proposed change of control. According to the announcement, the equity change involved Henan Wanyang Qixin Management Co., Ltd. acquiring 90,196,117 shares of Tibet Huayu Mining Co., Ltd. held by Tibet Daoheng Investment Co., Ltd. through a negotiated transfer, accounting for 11.00% of the publicly listed firm's total share capital. In 2024, Tibet Huayu's production of zinc concentrates was 19,600 mt in metal content, lead-antimony concentrates (silver-bearing) 16,500 mt in metal content, gold concentrates 1.87 mt, and antimony concentrates 1,500 mt in metal content.

[Peru Zinc Concentrates Production] According to data from Peru's mining statistical bulletin, Peru's zinc concentrates production in February 2026 was 108,300 mt, up 1.3% MoM and down 2.7% YoY. Total zinc concentrates production from January to February 2026 was 213,600 mt, up 0.8% YoY on a cumulative basis.

[Smelters Show High Production Enthusiasm, Domestic TCs Declined MoM in April]: Looking at weekly data, the SMM Zn50 domestic weekly average TC remained flat WoW at 1,350 yuan/mt Zn, while the SMM imported zinc concentrate index fell $4.75/dmt WoW to -$19.25/dmt...

[Chile Zinc Concentrates Exports] According to the Chilean customs website, Chile exported 1,800 mt of zinc concentrates in February 2026, up 5% MoM, with cumulative exports from January to February totaling 3,500 mt.