Core Viewpoint - Zinc prices experienced a slight decline last week, with domestic and international market indicators showing mixed signals regarding supply and demand dynamics [1] Market Performance - As of last Friday, the Shanghai zinc index rose by 0.05% to 22,048 CNY/ton, with total open interest at 230,200 contracts [1] - The London Metal Exchange (LME) zinc price increased by 23 to 2,622.5 USD/ton, with total open interest at 213,200 contracts [1] Inventory and Supply - Domestic zinc ingot inventory recorded 1,900 tons, while social inventory decreased slightly to 83,300 tons [1] - LME zinc ingot inventory stood at 170,700 tons, with 66,800 tons of canceled warrants [1] - Zinc concentrate port inventory reached 371,000 physical tons, and factory inventory was at 583,000 physical tons [1] Processing Fees and Costs - Domestic zinc concentrate processing fee is at 3,500 CNY/metal ton, while the import processing fee is at 40 USD/dry ton [1] Downstream Demand - The operating rate for galvanized structural components is at 60.87%, with raw material inventory at 15,000 tons and finished product inventory at 37,800 tons [1] - The operating rate for die-casting zinc alloys is at 54.60%, with raw material inventory at 13,000 tons and finished product inventory at 9,000 tons [1] - The operating rate for zinc oxide is at 59.73%, with raw material inventory at 3,000 tons and finished product inventory at 6,000 tons [1] Market Outlook - Overall, the continuous increase in zinc concentrate port inventory and rising processing fees indicate an ongoing surplus in zinc ore [1] - Although zinc ingot inventory has slightly increased, domestic warehouse receipts remain low, suggesting a relatively strong near-term market [1] - In the medium term, limited downstream purchasing and pressure from imported zinc ingots are expected to lead to an accumulation of social inventory, posing a downward risk to zinc prices [1]
沪锌：上周小幅波动 库存累库存风险
Sou Hu Cai Jing·2025-05-11 08:05