Ann: Quarterly Activities Report, page-7

No it has not however you need to remember this is the seasonally strong season (Spring/Summer/Autumn) where China has usually imported zinc from LME to meet demand requirements. The fact that there have not been large metal imports to China this year should be a worry for zinc producers. Demand will be weaker during Chinese winter and there will be a large corresponding buildup during this time as factories are shutdown for holidays/environmental curtailments which step up over winter.

Fact is premiums for zinc metal are anemic around the world. Unless this significantly picks up the zinc metal market will remain week regardless of what LME/SHFE stocks are.

Also if one is expecting a 10 year average TC, one should also be happy with the 10 year average Zinc price which is lower than the restart studies/expansion studies.