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Benchmark zinc smelter treatment charges have fallen sharply this year, attesting to a tightening of the mine supply chain. Korea Zinc $165 per metric ton to convert its zinc concentrate into refined metal, down from the $274 covering last year’s shipments.The annual terms negotiated by the two companies have in recent years been the benchmark for the rest of the industry.Last year’s numbers were high because of a smelter bottleneck and resulting glut of mined concentrate in 2022.
Ozernoy, capable of producing 350,000 tons of contained zinc every year, now seems unlikely to restart processing ore into concentrates until the fourth quarter of this year. True, there are still Western smelters struggling with high energy prices, such as Nyrstar’s Budel plant in the Netherlands which closed in January.
Zinc remains the laggard of the LME pack even as improving macroeconomic sentiment lifts the base metals complex. Currently trading around $2,700 per ton, LME three-month metal is up by just 3.0% on the start of the year, compared with copper’s 10% gains.
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