According to production statistics from Antaike covering 54 domestic zinc smelters (representing a total capacity of 7.26 million tons), sample enterprises produced 524,000 tons of zinc and zinc alloys in December 2025. This represents a year-on-year increase of 10.4% but a month-on-month decrease of 2,000 tons, with daily output declining by 3.6% compared to the previous month. Although smelters in Shaanxi resumed operations after maintenance, facilities in Yunnan and Guangdong initiated routine maintenance. Concurrently, some smelters reduced operating rates, leading to a continued month-on-month decline in refined zinc output. From January to December 2025, the cumulative zinc and zinc alloy output of the sampled enterprises reached 6.204 million tons, up 9.4% year-on-year. Among this, duplicate-counted output amounted to 155,000 tons, increasing by 21.1% year-on-year.

In 2025, China's zinc output reached a record high. During Q1, affected by low processing fees, monthly zinc production remained below the levels of the previous two years, staying under 500,000 tons. Entering Q2, processing fees rebounded rapidly, driving smelters to increase operating rates. Coupled with the commissioning of new capacity, monthly zinc output reached its highest level for the same period in history, rising to 559,000 tons in August. Amid winter stockpiling in the fourth quarter, tightening raw material supply emerged, prompting some smelters to reduce operating rates. November's monthly output saw a significant month-on-month decline.

Looking at the full year, domestic zinc production exhibited several characteristics:

1. Raw material constraints consistently limited zinc output, with supply remaining tight;

2. Despite continuous additions of new capacity, capacity utilization rates began declining from the end of the third quarter;

3. Zinc alloy output continued to rise. Among the sampled enterprises, zinc alloy production reached 1.282 million metric tons, an 8.6% year-on-year increase, accounting for 20.7% of total zinc product output;

4. The proportion of recycled zinc production increased. Major smelters raised the share of secondary zinc-containing materials to varying degrees to alleviate raw material inventory pressures, and more enterprises invested in zinc roach leaching systems.

As of early January 2026, processing fees continued to decline rapidly. The delivered benchmark processing fee ranged from CNY1,150 to 1,600 per metric ton of zinc metal, with an average of RMB1,400 per metric ton, representing a month-on-month decrease of RMB600 per metric ton. Regionally, processing fees declined by 400-800 RMB/ton across different areas. Based on current zinc prices, the settlement processing fee stands at approximately 3,206 RMB/ton, marking an 11.9% month-on-month decrease.

In January 2026, although smelters in Jiangxi and Yunnan resumed operations after maintenance, smelters in Sichuan, Inner Mongolia, and Guangdong initiated routine maintenance. Concurrently, some smelters reduced operating rates, leading to an expected continued decline in refined zinc output month-on-month. Overall, January refined zinc output is projected to decrease by 16,000 tons month-on-month to 508,000 tons, with daily output falling by 6.7% month-on-month.

As an integrated internet platform providing benchmark prices, on January 14th, the SunSirs benchmark price for zinc was 24310.00 RMB/ton, an increase of 4.33% compared to the beginning of the month (23302.00 RMB/ton).

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