锌产业周报-20250803

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: August 1, 2025 [1] - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Industry Investment Rating - Not provided in the report Core Views - Lido Factors: Low domestic zinc ingot inventory supports prices, and China's apparent zinc consumption shows steady growth with strong demand [3] - Negative Factors: Supply growth is accelerating, with new capacity releases and restarts leading to oversupply, and a slight inventory build weakens the fundamental pattern [3] - Trading Advisory View: Institutions are bullish on SHFE zinc due to favorable inventory conditions [3] Summary by Directory Processing and End - User Demand - Galvanized Sheet Coil: Market sentiment index, weekly inventory, weekly production, and net export data are presented seasonally from 2021 - 2025 [5][6] - Die - Casting Zinc Alloy: Net import data is provided seasonally from 2021 - 2025 [6] - Color - Coated Sheet (Strip) and Zinc Oxide: Net export data is shown seasonally from 2021 - 2025 [8][9][10] - Real Estate: Data on real estate development investment, engineering progress, sales area, and land transactions are presented as cumulative year - on - year and seasonal data from 2015 - 2025 [11][13][15] - Infrastructure: Cumulative year - on - year data of infrastructure fixed - asset investment (excluding rural households) in various sectors from 2020 - 2024 are provided [17][18] Supply and Supply - Side Profits - Zinc Concentrate: Monthly import volume, TC, and raw material inventory days are presented seasonally from 2021 - 2025 [20][22][26] - Zinc Ingot: Monthly production, production + import volume, and inventory data in various forms (LME, SHFE, etc.) are shown seasonally from 2021 - 2025 [23][24][27] - Refined Zinc Enterprises: Production profit and processing fee data are provided from 2022 - 2024 [23] Futures and Spot Market Review - Price Trends: Domestic and international zinc price trends are presented from 2023 - 2025 [29] - Volume and Open Interest: Volume and open interest data of SHFE zinc futures are provided from 2023 - 2025 [30] - Price Relationships: Relationships between LME zinc price and US dollar index, LME zinc spreads, and zinc ingot basis data are presented [31][33][36]