锌产业周报-20250810

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: August 8, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Core Views Positive Factors - Low domestic zinc ingot inventory supports prices [3] - Strengthened expectations of interest rate cuts put pressure on the US dollar, boosting the rebound of zinc prices [3] Negative Factors - Accelerated supply growth and the release of new production capacity lead to oversupply [3] - It is the off - season for demand, with the downstream operating rate falling to a low level and weak consumption [3] Trading Consultation Views - Institutions are bullish on Shanghai zinc, mainly due to the good low - inventory situation [3] Processing and Terminal Demand Galvanized Sheet Coil - Market sentiment index (weekly) data is presented from 2023 - 12 to 2025 - 06 [5] - Weekly inventory - seasonal data is shown from 2021 to 2025 [5] - Steel mill weekly production - seasonal data is provided from 2021 to 2025 [5] Other Products - Net export seasonality data is provided for galvanized sheets (strips), die - cast zinc alloys, color - coated sheets (strips), and zinc oxide [6][7][10] Real Estate - Cumulative year - on - year data for real estate development investment, project progress, sales area, and unsold area are presented [13][15] Infrastructure - Cumulative year - on - year data for infrastructure fixed - asset investment (excluding rural households) is shown [20] Supply and Supply - Side Profits Zinc Concentrate - Monthly import volume seasonal data is provided from 2021 to 2025 [23] - TC (treatment charge) data is presented from 2022 - 04 to 2025 - 04 [25] Zinc Ingot - Monthly production seasonal data for SMM zinc ingots is shown from 2021 to 2025 [26] - Monthly production + import volume seasonal data for Chinese zinc ingots is provided from 2021 to 2025 [27] Inventory - Data on zinc concentrate raw material inventory days, LME zinc inventory, SHFE zinc inventory, and exchange zinc ingot inventory are presented [29][30] Futures and Spot Market Review Price Trends - Domestic and foreign zinc price trends are shown from 2023 - 12 to 2025 - 06 [32] - LME zinc closing price vs. US dollar index data is presented from 2022 - 04 to 2025 - 04 [34] Trading Volume and Position - Volume and position data of Shanghai zinc futures main contract are provided from 2023 - 12 to 2025 - 06 [33] Basis and Premium - Data on LME zinc premium, zinc ingot three - location basis, and Tianjin zinc ingot basis are presented [36][38][39]