新能源及有色金属日报 | 2025-12-12 社会库存稳中回落 重要数据 现货方面：LME锌现货升水为158.52美元/吨。SMM上海锌现货价较前一交易日变化40元/吨至23110元/吨，SMM 上海锌现货升贴水65元/吨；SMM广东锌现货价较前一交易日40元/吨至23030元/吨，广东锌现货升贴水-15元/吨； 天津锌现货价较前一交易日40元/吨至23000元/吨，天津锌现货升贴水-45元/吨。 期货方面：2025-12-11沪锌主力合约开于23050元/吨，收于22995元/吨，较前一交易日-70元/吨，全天交易日成交93062 手，全天交易日持仓88499手，日内价格最高点达到23095元/吨，最低点达到22920元/吨。 库存方面：截至2025-12-11，SMM七地锌锭库存总量为12.82万吨，较上期变化-0.78万吨。截止2025-12-11，LME 锌库存为60350吨，较上一交易日变化550吨。 市场分析 锌锭社会库存持续稳重回落，呈现出季节性去库走势，下游开工率整体继续保持平稳，广东地区现货贴水大幅度 修复，下游接货偏谨慎，贸易商积极出货，近月合约价差收至平水，更多缘于现货市场供应减少。矿 ...

Group 1 - In June 2025, China's nickel pig iron production was 23,300 tons, with a month-on-month decrease of 2.87% and a year-on-year decrease of 7.35% [2] - The production of medium and high nickel pig iron was 16,700 tons, down 4.17% month-on-month and down 13.51% year-on-year, while low nickel pig iron production increased by 0.53% month-on-month to 6,700 tons, up 12.68% year-on-year [2] - From January to June 2025, China's total nickel pig iron production was 138,000 tons, a year-on-year decrease of 5.06%, with medium and high nickel pig iron accounting for 100,900 tons, down 9.04% year-on-year [2] Group 2 - In June 2025, the combined nickel pig iron production from China and Indonesia was 174,700 tons, reflecting a month-on-month decrease of 3.85% but a year-on-year increase of 22.21% [5] - The medium and high nickel pig iron production from both countries was 168,100 tons, down 4.01% month-on-month but up 22.62% year-on-year [5] - From January to June 2025, the total nickel pig iron production from China and Indonesia reached 1,040,700 tons, a year-on-year increase of 19.31%, with medium and high nickel pig iron production at 1,003,600 tons, up 20.27% year-on-year [5] Group 3 - As of June 30, 2025, Indonesia's nickel pig iron production was 151,400 tons, down 3.99% month-on-month but up 28.52% year-on-year [6] - From January to June 2025, Indonesia's total nickel pig iron production was 902,700 tons, a year-on-year increase of 24.77% [6] Group 4 - In Indonesia, the phenomenon of cost inversion among mainstream smelting plants has become common, with some production lines halting operations due to high cost pressures [8] - The production enthusiasm among smelting plants is low due to declining finished product prices, and some production lines may consider maintenance due to weak demand from downstream stainless steel [8] - It is expected that Indonesia's nickel pig iron production may further weaken in July due to ongoing high costs and reduced production capacity [8]