Despite what was reported in parts of the press, we can confirm that the down escalator between zinc prices of $1,500/t and $2,000/t was set at 3% (and not 2%) in this year's annual contracts in Asia. We will therefore continue to have the Asian benchmark with a headline TC of $210?/t, basis $2,000/t, with an up escalator of 6% to a zinc price of $2,500/t, 5% to $3,000/t, 2% to $3,500/t and 0% at all prices in excess of $3,500/t, and a down escalator of 3% to a zinc price of $1,500/t and 0% at all prices below $1,500/t. All of the world's largest miners supplying the Asian market appear to have agreed these terms.
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