Fastmarkets’ monthly assessment for spot zinc concentrate TCs, cif Asia Pacific, rose to $170-190 per tonne on November 30, the highest since November 2015 and up from $120-140 per tonne at the end of October.
This is the biggest monthly move since Fastmarkets started pricing zinc concentrate TCs in 2014.
In what has become a clear buyers’ market, Chinese smelters, which have restricted throughput due to declining zinc prices, are holding off large-scale purchasing unless TCs are close to $200 per tonne.
“You can’t sell for love nor money in China at the moment,” a trader said.
Although the market is not particularly active, spot deals were reported to Fastmarkets with TCs ranging from $160 per tonne to $200 per tonne.
Chinese smelters, who reduced capacity utilization amid zinc prices dropping below $2,400 per tonne in August, are yet to bring back any of the production that was cut despite higher TCs....