On May 25, domestic TCs saw slight drops in selected regions, while zinc concentrate prices edged up; imported ore prices and TCs held steady. Despite seasonal restarts, mine supply tightness persists, with domestic TCs staying low and diverging regionally. Smelter margins remain squeezed, relying on sulfuric acid for breakeven, though export halts cap acid prices and fuel shutdown expectations. In the short term, tight ore supply supports prices at highs, but weak consumption and macro uncertainties limit upside.
