Ann: Quarterly Activities Report, page-11

IO demand is all time highs, making lots of steel, needing a bunch of glavanizing... simplistic, maybe valid?
stockpiles getting decimated, someone is consuming, consumption is demand
there's a reasonable argument to say zn price could stay steady with TC's dropping, which net improves returns
or, your scenario, TC's will remain at all time highs for the foreseeable future and there's no zinc demand, so any increase in smelter output will catapult stockpiles back to 400-500kt
do any mines shut down in your low zinc, high TC scenario? that would obviously depress conc supply
there's a number of combinations obviously... see what happens over the next 12-18months