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• [SMM Analysis]Zinc Concentrate Market Sentiment Warms Up, TCs Seem to "Replicate" Last Year's Trend!

  SMM Analysis：On December 25, SMM recorded the guidance price for domestic zinc concentrate TCs in January 2026 at 1,200–1,600 yuan/mt in metal content, with an average price of 1,400 yuan/mt, down 600 yuan/mt MoM. Throughout the year, domestic zinc concentrate TCs rose first and then fell. In Q4, domestic zinc concentrate TCs largely repeated last year's pattern, with domestic zinc concentrate TCs seemingly set to return to historically low levels. However, recently, sentiment in the domestic zinc concentrate market has shown signs of warming up. Why is this......