[Xingye Silver&Tin Released 2025 Annual Report] On April 22, Xingye Silver&Tin released its 2025 annual report. In 2025, the company's ore-derived zinc production totaled 66,600 mt, up 11.63% YoY, and ore-derived lead production totaled 19,100 mt, up 12.96% YoY.

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.

[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...

As of April 3, the average domestic zinc concentrate TC dropped to 1,350 yuan/mt in metal content, and the imported zinc concentrate TC fell to -$14.5/dmt, with the import market once again entering negative territory. After Chinese New Year, domestic mines gradually resumed production — so why did zinc concentrate TCs decline again in April?

[Zinc Concentrate Production] According to SMM, a mine in Central China plans to suspend production for a short period for maintenance in April, which is expected to reduce zinc concentrates output by around 500 mt in metal content MoM.

As of March 31, the most-traded SHFE zinc contract closed at 23,480 yuan/mt, up 1,230 yuan/mt for the month, with a decline of 4.98%. Zinc prices plunged in March, briefly climbing to a high of 24,955 yuan/mt at the beginning of the month and falling to a low of 22,350 yuan/mt in the middle of the month, with the overall price center moving down significantly. After zinc prices plunged in March, how will they move in April?

[Zinc Concentrates Production Information] Gold Resource disclosed its production for Q4 2025, during which its zinc metal production was 750 mt. In 2025, its copper, lead, and zinc production fell 59%, 56%, and 54%, respectively, from 2024. These declines mainly reflected the sequencing of mining into portions of the mineralized system with a relatively higher proportion of precious metals and lower base metal content than in the previous year.

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.

[Overseas Zinc Concentrate Production] Buenaventura released its 2025 Q4 financial report. Zinc production for the quarter was 8,400 mt, up 43%% YoY. Of this, Uchucchacua’s 2025 Q4 zinc concentrate production was 7,700 mt, and Tambomayo’s 2025 Q4 zinc concentrate production was 780 mt. Full-year 2025 Buenaventura zinc concentrate production totaled 29,000 mt, up 2% YoY.

[Newmont Announces Q4 2025 Production] On February 19, Newmont released its Q4 2025 report, which showed its zinc concentrate production for the quarter was 46,000 mt, down 22% QoQ, mainly due to a decline in the ore grade at the Peñasquito mine. Its total zinc concentrate production for 2025 was 231,000 mt, down 10% YoY. Its production guidance for zinc concentrate in 2026 is 220,000 mt.