锌产业周报-20250519

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: May 19, 2025 [1] - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Investment Rating - No investment rating information is provided in the report. Core Views Bullish Factors - High spot premiums are maintained, and refineries' reluctance to sell has led to a shortage of circulating supplies, supporting zinc prices [3]. - The US economic recovery and demand growth have exceeded expectations, and the easing of China-US tariffs has boosted market sentiment [3]. Bearish Factors - Domestic zinc smelters have strong production momentum, and the smooth resumption of overseas projects has increased supply-side pressure [3]. - Imported zinc ingots are arriving at ports, causing spot premiums to weaken. Weak demand during the off-season has suppressed prices [3]. Trading Advisory View - The fundamentals of the domestic zinc market provide limited support. The growth in supply and off-season demand are in a tug-of-war, and the market may maintain a volatile pattern in the short term [3]. Section Summaries Processing and End-User Demand - The report presents various data on the zinc processing and end-user demand sectors, including the market sentiment index, inventory, production, and trade data of galvanized steel coils, galvanized sheets (strips), die-cast zinc alloys, and other products. It also shows data on real estate development investment, sales, and infrastructure fixed asset investment [5][6][7][11][13][15][17]. Futures and Spot Market Review - The report includes data on the price trends of domestic and international zinc futures, trading volume, open interest, and the relationship between LME zinc prices and the US dollar index. It also presents information on the LME term structure, zinc ingot basis, and other aspects [21][22][24]. Supply and Supply-Side Profits - The report provides data on zinc concentrate imports, processing fees, zinc ingot production, enterprise production profits, raw material inventory days, and inventory levels of zinc in LME and SHFE [31][33][34][36].