Last month's sell off in the zinc price has been sustained through April with the price wilting in the face of heightened concerns for the near-term outlook for the global economy. The weakness came despite falls in exchange stocks. The annual zinc benchmark contract treatment charge (TC) has been agreed for this calendar year. We have not had confirmation of the contract terms from the principal participants due to confidentiality clauses, but reliable sources have reported the following $274/t concentrate basis a zinc price of $3000/t Zn, upscale +6%, downscale 0%. This compares to the 2022 annual benchmark settlement of $230/t concentrate basis a zinc price of $3800/t with a +5% upscale, and no downscale.