[Frequent Supply Disruptions; Imported TCs Continued to Decline]: Weekly data showed that the average weekly TC for SMM Zn50 domestic remained flat at 1,550 yuan/mt in metal content, while the SMM Imported Zinc Concentrate Index fell by $8.37/dmt MoM to $15.38/dmt...

[2026 Zinc Concentrates Benchmark Released] It was reported that the market heard this week that Teck Resources, a Canadian mining company, and a South Korean zinc company agreed on a 2026 benchmark processing fee for imported zinc concentrates of $85/dmt, a slight rebound from $80/dmt in 2025, while raising charges for silver and germanium after prices for the two metals surged.

[SHFE/LME Price Ratio Rebounded and Hovered Around 7.4]: This week, the SHFE/LME price ratio rebounded and fluctuated around just below 7.4, and the zinc ingot import window remained closed. Overseas, continued destocking supported the upward shift in the center of LME zinc; subsequently, as geopolitical developments fueled inflation concerns, a stronger US dollar pressured the base metals sector, and LME zinc retreated after rapid rise, with its center moving lower.

[Geopolitical Tensions Disrupted the Market, With SHFE and LME Closing Lower Over the Week] At the beginning of the week, continued overseas destocking supported a higher center for LME zinc; subsequently, as geopolitical tensions fueled inflation concerns, a stronger US dollar pressured the base metals sector, and LME zinc retreated after rapid rise, with its center moving lower......

[Spot Discounts Widened During the Week; Watch Next Week’s Recovery]: This week, spot discounts in Shanghai stayed at low levels, with the weekly average price up 5 yuan/mt WoW. As of this Friday, standard domestic brands were at a discount of 70 to 60 yuan/mt against the 2604 contract, while the high-priced brand Shuangyan was quoted at a premium of 0 to 30 yuan/mt against the 2604 contract..

[Die-Casting Zinc Alloy Plants Gradually Resumed Production; Operating Rates Continued to Rise This Week] This week, the operating rate of die-casting zinc alloy declined compared with before the holiday, mainly because there were still relatively few enterprises that had resumed production, and most alloy plants were expected to arrange production resumptions after the Lantern Festival......

[Downstream Operations Were Still Resuming, and Market Trading Was Better Than Last Week]: Spot premiums in Tianjin rose slightly this week, up 20 yuan/mt WoW. As of this Friday, mainstream domestic brands were quoted at discounts of around 20-100 yuan/mt against the 2604 contract, while high-priced brands were quoted at discounts of around 20-50 yuan/mt against the 2604 contract. Tianjin was quoted at a discount of around 10 yuan/mt against Shanghai, the Shanghai-Tianjin price spread narrowed, and contract rollover quotes were offered this week.

[Guangdong Premiums Weakened; Watch for Subsequent Changes in Consumption] This week, premiums in Guangdong fell by about 5 yuan/mt WoW. As of this Friday, mainstream 0# zinc was quoted at a discount of 100 yuan/mt in Guangdong, and the Shanghai-Guangdong price spread narrowed......

[SMM Morning Meeting Minutes: Macro Sentiment-Driven, LME Zinc Center Shifts Lower] Overnight, LME zinc posted a large bearish candlestick, with the upper Bollinger Bands midline forming resistance and the lower 60-day moving average providing support. The Middle East conflict escalated, the US dollar strengthened, oil prices hit a new high since July of the year before last, inflation expectations rose, and the US Fed......

[SMM Zinc Morning Comment] Overnight, SHFE zinc posted a small bearish candlestick. The 5-day moving average above formed resistance, while the 60-day moving average below provided support. Overnight, base metals generally fell, while on the fundamentals side for zinc...