锌产业周报-20260301

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: February 27, 2026 - Author: Chen Naixuan (Z002313) - Reviewer: Tang Yun (Z0002422) Report Industry Investment Rating - Not provided in the given content Core Viewpoints 利多因素 - Global zinc inventories are at a low level overall, with tight supply supporting prices [3] - There is support for the overall consumption intensity, and demand is resilient [3] 利空因素 - Just after the Spring Festival, market trading is light, and downstream demand weakens [3] - There are many production cut plans for zinc smelters, and tight spot supply puts pressure on prices [3] Trading Consultation Viewpoint - It is recommended to pay attention to the change in basis and the support of inventory trends for prices [3] Summary by Directory Processing and Terminal Demand - Galvanized sheet coil: Market sentiment index (weekly), weekly inventory - seasonal, steel mill galvanized sheet coil weekly output - seasonal, galvanized sheet (strip) net export - seasonal, die - cast zinc alloy net import - seasonal data are presented [4] - Color - coated sheet (strip) net export - seasonal and zinc oxide net export - seasonal data are provided [7][8][9] - Real estate - related data including real estate development investment and project progress cumulative year - on - year, sales area cumulative year - on - year and unsold area cumulative year - on - year, 100 large - city land transaction floor area weekly value - seasonal, 30 large - city commercial housing transaction volume - seasonal are shown [10][12][14] - Infrastructure fixed - asset investment (excluding rural households) completion data are presented [15][16] Supply and Supply - side Profits - Zinc concentrate monthly import volume - seasonal, SMM import and domestic zinc concentrate weekly processing fees, SMM zinc ingot monthly output - seasonal, refined zinc enterprise production profit & processing fees, China zinc ingot monthly output + import volume - seasonal, zinc concentrate raw material inventory days, LME zinc inventory total - seasonal, SHFE zinc weekly inventory futures - seasonal, and exchange zinc ingot inventory data are provided [18][20][21] Futures and Spot Market Review - Domestic and foreign zinc price trends, Shanghai zinc main contract trading volume & open interest, LME zinc closing price vs. US dollar index, LME zinc (spot/three - month): premium and discount, LME zinc (spot/three - month): premium and discount - seasonal, zinc ingot three - base basis trend, Tianjin zinc ingot basis - seasonal data are presented [27][28][29]