锌产业周报-20260112

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: January 12, 2026 [1] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Likely Positive Factors: Supply pressure has eased due to increased smelter maintenance and wider comprehensive smelting losses in December, while demand remains strong with continuous decline in social inventory and low zinc price valuation [3]. - Likely Negative Factors: There is an expected increase in future supply, causing a temporary peak in Shanghai zinc futures and limiting short - term upward momentum. Also, it has entered the seasonal consumption off - season with weak terminal orders and the impact of environmental inspections in the north [3]. - Trading Advice: Current trading is cautious. It is recommended to closely monitor the reduction in smelter production and changes in terminal consumption orders to assess short - term support [3]. Section Summaries 1. Processing and Terminal Demand - Galvanized Sheet Coils: Data on market sentiment index, weekly inventory, steel mill weekly production, and net exports are presented, sourced from Wind [4]. - Other Products: Data on net exports of color - coated sheets, zinc oxide, and related real - estate and infrastructure investment indicators are provided, all sourced from Wind [7][10][15] 2. Supply and Supply - Side Profits - Zinc Concentrate: Information on monthly import volume, TC (treatment charge), and raw material inventory days is given, sourced from Wind [18][20][24]. - Zinc Ingot: Data on monthly production, production + import volume, enterprise production profit, and various inventory data (LME, SHFE, etc.) are provided, sourced from Wind [21][22][25] 3. Futures and Spot Market Review - Zinc Price Trends: Information on domestic and international zinc price trends, LME zinc closing price vs. US dollar index, and various premium and basis data are presented, sourced from Wind [27][29][31]