Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-08-25 11:41Group 1: Report Overview - Report Title: Nanhua Zinc Weekly Report - Narrow Range Fluctuation [1] - Report Date: August 25, 2025 [2] - Research Team: Nanhua Non - Ferrous Metals Research Team [2] - Industry Investment Rating: Not provided - Core View: The zinc price will mainly fluctuate in a narrow range, with the short - term contradiction being the stronger external and weaker domestic zinc prices [3] Group 2: Market Performance 2.1 Futures Market - Futures Prices: The closing price of SHFE zinc main contract is 22,275 yuan/ton, down 0.91%; LME zinc is 2,818 dollars/ton, down 0.39% [5] - Volume and Open Interest: The trading volume of SHFE zinc main contract is 107,792, and the open interest is 88,665 [5] 2.2 Spot Market - Spot Prices: The price of 0 zinc ingot is 22,200 yuan/ton, down 1.11%; 1 zinc ingot is 22,130 yuan/ton, down 1.12% [12] - Premium and Discount: Shanghai (10 - month/15 - month) premium is - 35 yuan/ton; Shanghai (spot/main) premium is 220 yuan/ton [12] Group 3: Industry Situation 3.1 Supply - Supply Side: The supply side remained stable this week and was better than last year. The zinc ore supply was still in a state of slight surplus [3] - Mine End: Although there were many imports, domestic mines had price advantages [3] - Smelting End: The smelter's operating rate remained strong, the willingness to resume production was strong, TC increased steadily, and profit repair was stable [3] 3.2 Demand - Affected by the military parade, the downstream operating rate decreased slightly [3] 3.3 Inventory - Domestic Inventory: The seven - region zinc ingot inventory was 132,900 tons, a decrease of 2,500 tons (- 1.85%); zinc concentrate port inventory was 217,000 tons, an increase of 4,000 tons (1.88%) [26] - LME Inventory: LME zinc inventory decreased to 68,075 tons, a decrease of 8,250 tons (- 10.81%); registered warrants decreased continuously [26] Group 4: Advanced Data - Zinc Import Profit and Loss: - 1,675.88 yuan/ton, an increase of 349.65 yuan/ton [22] - Import Zinc Concentrate TC: 45 dollars/dry ton, unchanged [22] - Domestic Zinc Concentrate TC: 3,900 yuan/metal ton, unchanged [22] - Zinc SHFE - LME Ratio: 7.9045, a decrease of 0.1402 [22] Group 5: Production and Consumption 5.1 Production - Zinc Concentrate Capacity Utilization (July 2025): The total annual capacity was 7.70844 million tons, the capacity utilization rate was 98.07%, a month - on - month decrease of 2.74% and a year - on - year increase of 0.18% [35] - Zinc Output (July 2025): Refined zinc output was 555,200 tons, a year - on - year increase of 21.62%; zinc concentrate output was 319,400 tons, a year - on - year increase of 0.76% [35] 5.2 Consumption - Downstream Operating Rate: The operating rate of galvanizing was 57.42%, a decrease of 1.12%; zinc oxide was 55.89%, a decrease of 1.06%; die - casting zinc alloy was 50.46%, an increase of 2.85% [51] Group 6: Import and Export 6.1 Zinc Concentrate Import - July 2025: The import volume was 501,425 tons, a year - on - year increase of 33.58%; the cumulative import volume was 3,035,364 tons, a year - on - year increase of 45.20% [37] - Import Dependence: 60.9%, a year - on - year increase of 13.19% [37] 6.2 Refined Zinc Import - July 2025: The import volume was 17,904 tons, a year - on - year decrease of 2.97%; the cumulative import volume was 209,889 tons, a year - on - year decrease of 12.7% [37] - Import Dependence: 3.12%, a year - on - year decrease of 19.79% [37] Group 7: Supply - Demand Balance - Zinc Concentrate (June 2025): - 57,000 metal tons, a year - on - year increase of 0.0% and a month - on - month decrease of 209.62% [48] - Refined Zinc (June 2025): 23,900 tons, a year - on - year decrease of 2490.00% and a month - on - month decrease of 210.65% [48]