Report Overview 1) Industry Investment Rating - No clear industry investment rating is provided in the report. 2) Core Views - The price of finished products is expected to move down with a weak trend, and the aluminum price is expected to run at a high level. The finished products are expected to be in a state of shock and consolidation, while the aluminum price is expected to have short - term range fluctuations [1][3][4]. 3) Summary by Related Content Finished Products - Yunnan - Guizhou short - process construction steel enterprises' Spring Festival shutdown is from mid - January, with an expected impact on the total output of 741,000 tons. Anhui's 6 short - process steel mills have different shutdown times, with a daily impact of about 16,200 tons during the shutdown [2][3]. - From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities decreased by 40.3% month - on - month and increased by 43.2% year - on - year [3]. - The price of finished products continued to decline, hitting a new low. In the context of weak supply and demand and pessimistic market sentiment, the price center continued to move down. Winter storage was sluggish this year, with weak price support [3]. - The view is that the finished products will run in a state of shock and consolidation, and later attention should be paid to macro - policies and downstream demand [3]. Aluminum - Macro - level: The US data on Thursday triggered market concerns about the inflation and the interest - rate cut process. Traders tend to expect a 25 - basis - point cut next month and another 25 - basis - point cut in October [2]. - Fundamentals: As of Thursday, the national metallurgical alumina's total built capacity is 110.32 million tons/year, and the total operating capacity is 91.79 million tons/year. The weekly operating rate increased by 0.63 percentage points to 83.20%. The domestic aluminum downstream processing enterprises' operating rate increased slightly by 0.1 percentage points to 58.7%. The aluminum cable operating rate remained stable at 61.8%. The total output of aluminum rods in July was 360,500 tons, a decrease of 29,600 tons from June. The operating rate of aluminum rod manufacturers was only 53.2%, a decrease of 6.89% month - on - month and 6.7% year - on - year [3]. - Inventory: On August 14, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 588,000 tons, an increase of 1,000 tons from Monday and 24,000 tons from last Thursday [3]. - Outlook: The macro - level interest - rate cut expectation supports the price. The short - term aluminum price is boosted by mine - end news. It is expected to run at a high level in the near future. The 8 - month aluminum rod supply - demand pattern is expected to improve, but attention should be paid to macro - sentiment, mine - end news, etc. [4].

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report. Group 2: Core Viewpoints of the Report - Short - term fluctuations are significant, and it is advisable to try long positions on pullbacks. Later, attention should be paid to macro - policies, supply - side production cuts, and downstream demand [4]. Group 3: Summary by Content Steel Production and Inventory - According to Steel Union's weekly data, the output of rebar decreased by 0.73 million tons to 2.2045 million tons, the output of hot - rolled coils increased by 0.7 million tons to 3.1559 million tons, and the total output of five major steel products increased by 2.42 million tons to 8.7163 million tons. The total inventory of rebar increased by 30.51 million tons to 5.8719 million tons, the total inventory of hot - rolled coils increased by 0.84 million tons to 3.5747 million tons, and the total inventory of five major steel products increased by 40.61 million tons to 14.1597 million tons [3]. Steel Apparent Demand - The apparent demand for rebar decreased by 20.85 million tons to 1.8994 million tons, the apparent demand for hot - rolled coils increased by 8.54 million tons to 3.1475 million tons, and the apparent demand for five major steel products decreased by 14.72 million tons to 8.3102 million tons [3]. Production Line Operation in Tangshan - Among the 87 section steel production lines in Tangshan, 31 were actually in operation, with an overall operating rate of 52.54%, a 10.17% increase from last week, and a capacity utilization rate of 48.34%, a 6.82% increase from last week [3]. Steel Price Movement - The decline in raw fuels continues to drive down the price of finished steel. The rapid accumulation of the inventory of five major steel products and the decrease in apparent demand lead to weak performance of steel prices during the day session. The weekly fundamentals of rebar are weaker than those of hot - rolled coils, with a decline of nearly 2%, and the main contract fell below 3200. The weak downstream situation is difficult to improve in the short term. The market is mainly dominated by macro - sentiment in the short term, and the expectation of production restrictions in Beijing, Tianjin, and Hebei still exists [3].

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the given content. 2) Core Views - The finished products are expected to move in a range-bound manner with a downward shift in the price center and weak performance, and the focus should be on macro policies and downstream demand [2][4]. - The aluminum ingot market is in a off - season with a slight accumulation of inventory. The price is expected to be in a short - term range - bound oscillation, and attention should be paid to macro - sentiment and mining - end news [2][5]. 3) Summary by Relevant Catalogs Finished Products - Yunnan and Guizhou short - process construction steel enterprises will have a shutdown and maintenance period from mid - January, with a production impact of 741,000 tons. In Anhui, 6 short - process steel mills will also shut down, affecting daily production by about 16,200 tons [3][4]. - From December 30, 2024, to January 5, 2025, the transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [4]. - The price of finished products continued to decline, reaching a new low. The market sentiment is pessimistic due to the weak supply - demand situation, and winter storage is sluggish, providing little price support [4]. Aluminum and Related Products - On August 10, the Shanxi Natural Resources Department adjusted the registration authority for some mineral transfers, which boosted the alumina futures. However, alumina is in an oversupply situation, and the price is under pressure [4]. - The impact on domestic bauxite supply from non - resumption of domestic mines is currently minimal, and the development of the news should be continuously monitored [4]. - Last week, the operating rate of domestic aluminum downstream processing leading enterprises increased by 0.1 percentage points to 58.7%. The aluminum cable operating rate remained stable at 61.8%, and it is expected to rise slightly in mid - August [4]. - In July, the total output of aluminum rods was 360,500 tons, a decrease of 29,600 tons from June. The operating rate was 53.2%, a 6.89% month - on - month and 6.7% year - on - year decrease. The supply - demand situation is expected to improve in August [4]. - On August 14, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 588,000 tons, an increase of 1,000 tons from Monday and 24,000 tons from last Thursday [4].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoint of the Report - The short - term market still has a strong bullish sentiment, but the exchange has tightened trading opening limits and increased intraday speculative handling fees, causing sharp price fluctuations. It is recommended to mainly observe and participate with caution [3] Group 3: Summary Based on Related Content Market Performance - Yesterday, the coking coal futures price fluctuated and declined, with the intraday maximum decline of the 01 contract exceeding 7%, and it opened lower at night. On the spot side, the high - priced resources of some mines had weak transactions and prices declined. Some regional steel mills accepted the 6th round of coke price increase, but there is an expectation of price reduction under the influence of environmental protection and production restrictions [2] Policy Changes - After the market yesterday, the DCE issued a trading limit notice for coking coal futures. Non - futures company members or clients are limited to a maximum of 1,000 daily opening positions in the coking coal futures JM2601 contract, 500 in the JM2509 contract, and 2,000 in other coking coal futures contracts. In addition, the intraday speculative trading handling fee rate for the 01 contract has been adjusted from 0.01% to 0.02% of the trading volume, which has cooled the coking coal market sentiment [2] Fundamental Situation - The policy of coal mine over - production verification is being promoted, and with the approaching of the September military parade, the safety supervision situation is severe. Short - term coal mine production is mainly stable. The structural inventory pressure of coking coal has been significantly relieved, but as coal prices rise, the downstream procurement pace has slowed down, and the mine - end inventory has stabilized at a low level this week. According to Mysteel research, coal mines are likely to continue the resumption of production next week, but due to multiple factors, the coal mine production increase progress is slow and easily interrupted by emergencies. Attention should be paid to the implementation of industrial chain production restriction policies [2] Later Concerns - Pay attention to changes in steel mill blast furnace start - up and coal mine resumption of production [3]

Report Summary 1) Report Industry Investment Rating No information provided 2) Core View of the Report - Short - term market bullish sentiment remains strong, the futures market sees increased positions and rising prices with intensified price fluctuations. Attention should be paid to the previous high pressure in the short term, and cautious participation is recommended [3] 3) Summary by Related Content Market Performance - Yesterday, the coking coal futures price continued to oscillate upward, breaking through the previous high. On the spot side, high - priced resources at some mines had weak sales, and prices declined. The 6th round of coke price increase was blocked, and there was an expectation of price reduction under the influence of environmental protection production - restriction news [2] Production - Restriction News - Regarding the environmental protection production - restriction for the 9.3 parade, the Tangshan production - restriction notice requires independent steel - rolling enterprises to be ready for shutdown from August 16th to 25th according to weather conditions and shut down from the 25th to September 3rd. From August 26th - September 4th, sintering is expected to be restricted by 40% in Tangshan, and blast furnace reduction depends on air quality after the 25th. In the coking industry, it is rumored that Shandong coking enterprises will limit production by 30% - 50% from August 16th, expected to end in early September, but most coking enterprises are currently operating normally [2] Fundamental Situation - The policy of checking over - production in coal mines is advancing, and with the approaching parade in September, the safety supervision situation is severe, so short - term coal mine production is decreasing. The structural inventory pressure of coking coal has been significantly alleviated. Currently, the raw coal inventory of 523 coal mines is 476.5 million tons, a decrease of 224.5 million tons from the high in June; the clean coal inventory is 245.7 million tons, a decrease of 254.3 million tons from the high in June. On the demand side, the raw material replenishment of coking plants and steel mills has slowed down this week. The average daily hot metal output of steel mills last week was 240.32 million tons, a decrease of 0.39 million tons from the previous week and an increase of 8.62 million tons compared with last year [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The finished products are expected to move in a volatile and consolidating manner, with the price center shifting downward and showing a weak trend [1][2] - The aluminum ingot price is expected to be strong in the short - term, with macro - level interest rate cut expectations and short - term support from ore - end news, but there is still pressure on the upside [1][2][3] Summary by Related Content Finished Products - Yunnan and Guizhou short - process construction steel producers will have a shutdown and maintenance period during the Spring Festival from mid - January, with an expected impact on the total building steel output of 741,000 tons. In Anhui, 6 short - process steel mills have different shutdown schedules, with a daily output impact of about 16,200 tons [1][2] - From December 30, 2024, to January 5, 2025, the transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2] - The finished products continued to decline yesterday, reaching a new low. The market sentiment is pessimistic in the weak supply - demand pattern, and the winter storage is sluggish, providing little price support [2] Aluminum Ingots - On August 10, the Shanxi Natural Resources Department adjusted the registration authority for some mineral types, which boosted the alumina futures. However, alumina is in an overall oversupply situation, and the price is under pressure [2] - The current factor affecting the ore market is that domestic mines cannot resume production, but the impact on domestic bauxite supply is minimal [2] - Last week, the operating rate of domestic aluminum downstream processing enterprises increased slightly by 0.1 percentage points to 58.7%. The aluminum cable operating rate remained stable at 61.8%, while the aluminum profile operating rate decreased slightly to 49.5% [2] - On August 11, the inventory of electrolytic aluminum ingots in domestic main consumption areas was 587,000 tons, an increase of 23,000 tons from last Thursday and last Monday. The inventory is expected to continue to accumulate in the short term [2] - The macro - level interest rate cut expectation supports the price, and the ore - end news boosts the short - term aluminum price. The aluminum price is expected to be strong in the short - term, but the upside is still under pressure [3]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - Short - term fluctuations are large, and it is advisable to try to go long on pullbacks [4] Group 3: Summary According to Related Content International Trade Policy - On August 12, the US and China issued the "Joint Statement of the China - US Stockholm Economic and Trade Talks". The US promised to continue adjusting tariff measures on Chinese goods, and both sides continued to suspend the implementation of 24% reciprocal tariffs and relevant non - tariff counter - measures for 90 days starting from August 12 [3] Steel Industry Cost and Profit - On August 12, the average cost of 76 independent electric arc furnace construction steel mills was 3,353 yuan/ton, with a daily increase of 9 yuan/ton. The average profit was a loss of 39 yuan/ton, and the valley - electricity profit was 62 yuan/ton [3] Real Estate Market - From August 4 to August 10, the total transaction (signing) area of newly built commercial housing in 10 key cities was 1.308 million square meters, a month - on - month decrease of 10.8% and a year - on - year decrease of 4.5%, with the decline narrowing [3] Steel Price Trend - The news of Tangshan's production restrictions over the weekend, combined with the continued rise of raw material coking coal, led to the continued volatile upward trend of steel prices. The current industry fundamentals are average, mainly due to weak downstream demand. With the approaching parade, there is still potential for steel price rebound under the macro - level and Beijing - Tianjin - Hebei production restriction expectations [3] Later Concerns - Macro policies, supply - side production reduction, and downstream demand conditions [4]

Report Summary 1) Industry Investment Rating No industry investment rating is provided in the report. 2) Core View The Sino-US tariff policy has been implemented, and the domestic short - term macro situation has entered a window period. The market is more concerned about the Fed's interest - rate cut expectation. The black - series as a whole maintains a high - level consolidation cycle. Given the current high blast - furnace profits and the non - off - season characteristics of terminal demand, it is expected that the domestic demand will remain at a relatively high level in the short term. The supply - side pressure is not significant, the supply and demand of iron ore are in a stage of balance, and the port inventory tends to be stable. It is expected that the short - term iron ore futures price will fluctuate at a high level [2][3]. 3) Summary by Relevant Contents Supply Foreign ore shipments will gradually enter the seasonal recovery cycle, but the overall month - on - month growth rate is low. After the maintenance period of Australian BHP and FMG mines ended, shipments did not rebound rapidly. Brazilian shipments in this period remained at a moderately high level. Due to the month - on - month decline in shipments in July, the short - term arrivals in August are expected to remain low, and the actual supply - side pressure is not prominent [3]. Demand The daily average molten iron output in China has declined for three consecutive weeks with an expanding decline. The current daily average molten iron output is 240.32 (month - on - month - 0.39). The current profitability rate of steel mills is continuously rising, and the blast - furnace profit level is relatively good. The short - flow process has fallen into full - scale losses again. The short - term demand for iron ore remains resilient, and the high domestic demand strongly supports the price. It is necessary to pay attention to whether the molten iron output can remain at a high level in the later stage [3]. Inventory The daily consumption of imported ore at steel mills remains relatively high, and the inventory level at steel mills has slightly increased. Due to the weakening of weather influence and concentrated arrivals, the port inventory has increased in this period. As shipments rebound in the future, it is expected that the inventory will generally remain stable in the short term [3]. Price The price will fluctuate in a range. The price range of the i2601 contract is 770 yuan/ton - 800 yuan/ton, and the price range of the foreign FE09 contract is 102 - 105 US dollars/ton [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views - The price of finished products is expected to move in a range with a downward - shifting center of gravity and run weakly, and it will be in a state of shock consolidation [2][4] - The price of aluminum ingots is expected to run at a high level in the short - term, with short - term shock operation, and attention should be paid to macro sentiment and downstream start - up [2][5] 3. Summaries by Related Catalogs 3.1 Finished Products - Yungui region's short - process construction steel enterprises will stop production for maintenance from mid - January, and the resumption time is expected to be around the 11th to 16th day of the first lunar month, affecting a total output of 741,000 tons during the shutdown. In Anhui, 1 out of 6 short - process steel mills stopped production on January 5, and most of the rest will stop around mid - January, with a daily output impact of about 16,200 tons [3][4] - From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [4] - The price of finished products continued to decline in shock yesterday, hitting a new low recently. In the pattern of weak supply and demand, the market sentiment is also pessimistic, and the price center of gravity continues to move down. This year's winter storage is sluggish, providing little support for prices [4] 3.2 Aluminum Ingots - Yesterday, the aluminum price fluctuated within a range. Fed officials are increasingly worried about the labor market and are open to cutting interest rates as early as September. Cooling inflation may strengthen the bet on an interest - rate cut next month, but if there are signs that Trump's tariffs are driving up prices, the Fed may hold off [3] - In terms of fundamentals, the operating output of electrolytic aluminum increased steadily. From late June to July, the shipment volume of bauxite from Guinea decreased, and the total import volume is expected to decline starting from August. The increase in domestic bauxite supply is limited [4] - Last week, the start - up rate of domestic aluminum downstream processing leading enterprises increased slightly by 0.1 percentage points to 58.7%. The primary aluminum alloy continued to recover, but due to weak terminal demand, high aluminum prices and seasonal factors, enterprises were still cautious in production scheduling. The start - up rate of aluminum cables remained stable at 61.8%, supported by grid order deliveries. The start - up rate of the aluminum profile industry decreased slightly to 49.5%, with weak demand in construction and industrial profiles. The start - up rate of aluminum foil decreased slightly to 68.4%, and the industry is expected to continue to shrink. The start - up rate of leading recycled aluminum enterprises remained stable at 53.1%, and the industry's overall start - up rate is under downward pressure [4] - On August 11, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 587,000 tons, an increase of 23,000 tons from last Thursday and last Monday. Due to uneven arrivals, there were fluctuations in inventory data, and the inventory is expected to continue to accumulate in the short term [4] - In the current off - season, inventory is accumulating, and the pressure on the demand side in the off - season limits the upward space. The expectation of interest - rate cuts provides short - term support for prices. Attention should be paid to the promotion of domestic policies, and the aluminum price is expected to run at a high level in the short term, with subsequent attention on the inventory - consumption trend [5]

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - For aluminum, due to repeated macro - expectations, the price is expected to remain high in the short term, and future attention should be paid to the development of news and the off - season situation of downstream industries [11] - For zinc, short - term focus should be on macro - sentiment, while in the medium and long term, supply increase will put pressure on the upper limit, and the zinc price is running high, so attention should be paid to the upper - limit pressure [14] - For tin, the short - term situation is one of weak supply and demand, and the downward pressure will increase in the future [16] 3. Summary by Directory 3.1 01 Colored Weekly Market Review - Copper (CU2509): The closing price of the futures main contract on August 8, 2025, was 78,490, a weekly increase of 90 or 0.11%. The spot price was 78,505, a weekly increase of 180 or 0.23% [8] - Aluminum (AL2509): The closing price of the futures main contract was 20,685, a weekly increase of 175 or 0.85%. The spot price was 20,630, a weekly increase of 140 or 0.68% [8] - Zinc (ZN2509): The closing price of the futures main contract was 22,515, a weekly increase of 195 or 0.87%. The spot price was 22,042, a weekly decrease of 144 or - 0.65% [8] - Tin (SN2509): The closing price of the futures main contract was 267,780, a weekly increase of 2,830 or 1.07%. The spot price was 268,250, a weekly increase of 3,500 or 1.32% [8] - Nickel (NI2509): The closing price of the futures main contract was 121,180, a weekly increase of 1,410 or 1.18%. The spot price was 122,190, a weekly increase of 1,230 or 1.02% [8] 3.2 02 This Week's Colored Market Forecast Aluminum - Logic: Last week, the aluminum price was high. The rising expectation of the Fed's interest - rate cut on the macro - level boosted the sentiment and basic metals. Fundamentally, the supply changed little, and the electrolytic aluminum production increased slightly. Affected by the rainy season, the bauxite shipment from Guinea decreased from late June to July, and the import volume is expected to decline starting in August. The domestic bauxite supply has limited increase. The operating rate of domestic aluminum downstream processing leading enterprises increased slightly by 0.1 percentage points to 58.7%. The aluminum cable operating rate remained stable at 61.8%, supported by grid orders, but the industry recovery rhythm was uneven, and the peak - season characteristics were not fully shown. The aluminum foil operating rate decreased slightly to 68.4%, and the industry is expected to continue to shrink. The operating rate of recycled aluminum leading enterprises remained stable at 53.1%, affected by weak off - season demand and high - temperature holidays. As of August 11, the domestic mainstream consumption area's electrolytic aluminum ingot inventory was 587,000 tons, an increase of 23,000 tons compared with last Thursday and last Monday. The uneven arrival of goods caused short - term inventory fluctuations, and the inventory is expected to continue to accumulate in the short term [10] - Viewpoint: The macro - expectation is volatile. The price is expected to remain high in the short term, and future attention should be paid to the development of news and the off - season situation of downstream industries [11] - Later Attention/Market Risks: Attention should be paid to the development of geopolitical crises, the implementation of macro - policies, the situation of supply increase, and the release of consumption [12] Zinc - Logic: Last week, the zinc price fluctuated strongly. The domestic zinc ore processing fee remained stable, and the imported zinc ore processing fee increased. The Shanghai - London ratio fell slightly to around 8.0, and the zinc ingot import window remained closed. The galvanizing operating rate was 57.35%, an increase of 0.57 percentage points from last week. In terms of raw material inventory, some enterprises replenished stocks at low prices at the beginning of the week, and the replenishment sentiment weakened as the zinc price rebounded. The zinc ingot inventory increased slightly. In August, the domestic situation of oversupply and weak consumption will continue, with clear expectations of loose supply and limited improvement in demand due to the off - season. As of August 11, the total inventory of SMM seven - region zinc ingots was 119,200 tons, an increase of 11,900 tons compared with August 4 and 6,000 tons compared with August 7 [13] - Viewpoint: Short - term focus should be on macro - sentiment, while in the medium and long term, supply increase will put pressure on the upper limit, and the zinc price is running high, so attention should be paid to the upper - limit pressure [14] - Later Attention/Market Risks: Attention should be paid to the implementation of macro - policies, the release of mine production, and the release of consumption [15] Tin - Logic: After the mining license in Wa State, Myanmar, was completed, preparations for resuming production are still underway. The market has high expectations for future tin ore output, and a large output is expected at the end of the third quarter and the beginning of the fourth quarter. The operating rates in Yunnan and Guangxi increased slightly, but the processing fee remained low. The smelter's inventory was still low, and the shortage of raw materials was alleviated but still existed. The downstream performance was weaker than in the first half of the year, with signs of decline in the automobile and home - appliance industries. The market is currently in a situation of weak supply and demand [16] - Viewpoint: The short - term situation is one of weak supply and demand, and the downward pressure will increase in the future [16] - Later Attention/Market Risks: Attention should be paid to the resumption of production in Myanmar and the trade policies of various countries [16] 3.3 03 Variety Data Aluminum - Bauxite: The price of domestic high - grade bauxite in Henan remained unchanged at 640 yuan/ton from August 1 to August 8, with a year - on - year increase of 5; the price of domestic low - grade bauxite in Henan remained unchanged at 570 yuan/ton, with a year - on - year increase of 20; the average price of imported bauxite index was 74.1 dollars/ton on August 8, an increase of 0.19 from August 1, with a year - on - year decrease of 1.11. The port - aggregated arrival volume on August 8 was 328,890 tons, a decrease of 136,680 tons from August 1, with a year - on - year decrease of 92,030 tons; the port - aggregated departure volume was 335,170 tons, a decrease of 176,000 tons from August 1, with a year - on - year decrease of 10,350 tons [20][23] - Alumina: The domestic price in Henan remained unchanged at 3,240 yuan/ton from August 1 to August 8, with a year - on - year decrease of 645; the full cost on August 8 was 2,873.7 yuan/ton, an increase of 0.6 from August 1, with a year - on - year increase of 15.6; the profit in Shanxi on August 8 was 291.38 yuan/ton, a decrease of 2.28 from August 1, with a year - on - year decrease of 670.28 [26] - Electrolytic Aluminum: The total cost on August 8 was 16,738.04 yuan/ton, an increase of 8.38 from August 1, with a year - on - year decrease of 928.23; the regional price difference between Foshan and SMM A00 aluminum was - 10 yuan/ton on August 8, a decrease of 10 from August 1, with a year - on - year increase of 50. The operating rate of aluminum cables on August 7 was 61.8, unchanged from July 31, with a year - on - year decrease of 7.2; the operating rate of aluminum foil was 68.4, a decrease of 0.5 from July 31, with a year - on - year decrease of 6.3; the operating rate of aluminum plates and strips was 64, an increase of 0.8 from July 31, with a year - on - year decrease of 6.4; the operating rate of aluminum profiles was 49.5, a decrease of 0.5 from July 31, with a year - on - year decrease of 1.7; the operating rate of primary aluminum alloy was 55.6, an increase of 1 from July 31, with a year - on - year increase of 0.6; the operating rate of recycled aluminum alloy was 53.1, unchanged from July 31, with a year - on - year decrease of 0.3. The bonded - area inventory in Shanghai on August 7 was 91,300 tons, an increase of 2,800 tons from July 31, with a year - on - year increase of 52,300 tons; the total bonded - area inventory was 111,300 tons, an increase of 3,800 tons from July 31, with a year - on - year increase of 68,100 tons; the social inventory on August 11 was 587,000 tons, an increase of 23,000 tons from August 4, with a year - on - year decrease of 242,000 tons; the weekly outbound volume of aluminum ingots in major consumption areas on August 4 was 110,700 tons, an increase of 18,200 tons from July 28, with a year - on - year decrease of 2,900 tons. The SHFE inventory on August 8 was 113,614 tons, a decrease of 3,913 tons from August 1, with a year - on - year decrease of 177,784 tons; the LME inventory was 470,575 tons, an increase of 7,775 tons from August 1, with a year - on - year decrease of 440,375 tons. The basis of SMM A00 aluminum for the current month on August 8 was - 45 yuan/ton, an increase of 15 from August 1, with a year - on - year increase of 65; the basis for the main contract was - 35 yuan/ton, a decrease of 45 from August 1, with a year - on - year increase of 130; the basis for the third - consecutive contract was 40 yuan/ton, a decrease of 60 from August 1, with a year - on - year increase of 285. The basis of SMM A00 aluminum in Foshan for the current month on August 8 was - 55 yuan/ton, an increase of 5 from August 1, with a year - on - year increase of 95; the basis for the main contract was - 45 yuan/ton, a decrease of 55 from August 1, with a year - on - year increase of 160; the basis for the third - consecutive contract was 30 yuan/ton, a decrease of 70 from August 1, with a year - on - year increase of 315. The spread between the current month and the main contract of Shanghai Aluminum on August 8 was 10 yuan/ton, a decrease of 60 from August 1, with a year - on - year increase of 50; the spread between the current month and the third - consecutive contract was 85 yuan/ton, a decrease of 75 from August 1, with a year - on - year increase of 215 [28][32][38] Zinc - Zinc Concentrate: The price of domestic zinc concentrate on August 8 was 17,020 yuan/metal ton, an increase of 36 from August 1, with a year - on - year decrease of 2,714; the domestic zinc concentrate processing fee was 3,900 yuan/metal ton, an increase of 100 from August 1, with a year - on - year increase of 2,450; the imported zinc concentrate processing fee was 82.25 dollars/dry ton, an increase of 3.5 from August 1. The enterprise production profit on August 8 was 4,020 yuan/metal ton, an increase of 36 from August 1, with a year - on - year decrease of 1,962; the import profit and loss was - 1,414.51 yuan/ton, a decrease of 641.55 from August 1, with a year - on - year decrease of 1,800.84; the inventory of imported zinc concentrate in Lianyungang on August 8 was 100,000 physical tons, an increase of 10,000 from August 1, with a year - on - year increase of 80,000 [55][58] - Refined Zinc: The social inventory of zinc ingots in SMM seven regions on August 11 was 119,200 tons, an increase of 11,900 tons from August 4, with a year - on - year decrease of 17,900 tons; the bonded - area inventory of zinc ingots on August 7 was 7,000 tons, unchanged from July 31, with a year - on - year decrease of 1,000 tons; the SHFE refined zinc inventory on August 8 was 65,917 tons, an increase of 4,193 tons from August 1, with a year - on - year decrease of 21,551 tons; the LME zinc inventory on August 8 was 81,500 tons, a decrease of 19,325 tons from August 1, with a year - on - year decrease of 160,525 tons [61] - Galvanizing: The output on August 7 was 331,050 tons, a decrease of 7,030 tons from July 31, with a year - on - year decrease of 16,525 tons; the operating rate was 57.35, an increase of 0.58 from July 31, with a year - on - year decrease of 1.28; the raw - material inventory on August 7 was 13,570 tons, an increase of 310 from July 31, with a year - on - year decrease of 435 tons; the finished - product inventory was 352,400 tons, an increase of 8,500 tons from July 31, with a year - on - year decrease of 115,800 tons [64] - Zinc Basis: The basis of SMM 0 zinc ingot for the current month on August 8 was - 30 yuan/ton, a decrease of 40 from August 1, with a year - on - year decrease of 160; the basis for the main contract was - 45 yuan/ton, a decrease of 25 from August 1, with a year - on - year decrease of 155; the basis for the third - consecutive contract was - 55 yuan/ton, an increase of 30 from August 1, with a year - on - year decrease of 275. The spread between the current month and the main contract of Shanghai Zinc on August 8 was - 15 yuan/ton, an increase of 15 from August 1, with a year - on - year increase of 5; the spread between the current month and the third - consecutive contract was - 25 yuan/ton, an increase of 10 from August 1, with a year - on - year decrease of 115 [67][68] Tin - Refined Tin: The combined output of Yunnan and Jiangxi provinces on August 8 was 0.289 million tons, an increase of 0.002 from the previous week, with a year - on - year decrease of 0.02; the combined operating rate was 59.64%, an increase of 0.41 from the previous week, with a year - on - year decrease of 4.13 [74] - Tin Ingot Inventory: The total SHFE tin ingot inventory on August 8 was 7,805 tons, an increase of 134 from the previous week, with a year - on - year decrease of 3,017; the social inventory of tin ingots in different regions of China was 10,2