Import zinc TCs took a dramatic downward turn in September due to concerns over market tightness. Chinese domestic TCs decreased by rmb200-400/t to rmb5,000-5,400/t in most provinces, while import TCs dropped by $30-40/t to average $115/t for the month. While our numbers show the concentrates market was in surplus in Q3, we expect the market to return to a seasonal deficit in Q4. This is when Chinese smelters traditionally build stocks ahead of the domestic mine closures, and there are now significant concerns about whether there is enough material available in the market to satisfy this demand.
展开▼
