Group 1: Zinc Price Trends - Zinc prices showed a downward trend in the first half of the year, influenced by increasing overseas mine supply and weak demand [2] - From late March to early April, zinc prices further declined due to the impact of U.S. tariff policies and a gradual increase in zinc mine output [2] - By April to June, the impact of U.S. tariffs lessened, but low inventory levels continued to affect prices, leading to a weak consolidation phase [2] Group 2: Zinc Supply Dynamics - Global zinc mine production increased by nearly 190,000 tons in the first four months of 2024, a year-on-year growth of 5.1%, primarily driven by the resumption of overseas mines [3] - Domestic zinc mine production decreased by nearly 30,000 tons year-on-year, slightly below expectations [3] - The cash cost of zinc mines at the 90th percentile is approximately $2,000 per ton, indicating a profit margin of nearly 30% based on average zinc prices [3] Group 3: Smelting and Refining Insights - Global zinc ingot production decreased by about 106,000 tons year-on-year in the first four months, with China's production down nearly 130,000 tons [3] - Zinc concentrate inventory at smelting plants increased by nearly 22% year-on-year by June, reaching historical highs [4] - The processing fee for zinc concentrate in China has risen to over 3,600 yuan per metal ton, indicating a recovery trend [4] Group 4: Demand Factors - Infrastructure investment remains stable, with significant growth in the electricity sector and a rebound in public facilities, while the transportation sector shows weakness [5] - The real estate market continues to be at a low point, with a declining share of zinc demand expected in 2025 [5] - Automotive production, sales, and exports have shown strong growth, but there are concerns about a potential slowdown in demand in the second half of the year [5] Group 5: Export Trends - Zinc product exports surged in the first half of the year due to U.S. tariff policies, with notable increases in galvanized sheets and zinc alloys [7] - However, as the export rush subsides and tariffs are implemented, there may be downward pressure on exports of primary zinc products [7] - Overall, the zinc market is expected to transition from a tight supply situation to a more relaxed one, with a clearer downward trend in zinc prices anticipated for 2025 [7]

锌产业周报 2025/05/19 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观 点、结论和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在 不发出通知的情形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不 能依靠本报告以取代行使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许 可，任何机构或个人不得以翻版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东 亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。本公司保留追究相关责 ...

锌产业周报 2025/05/12 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观 点、结论和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在 不发出通知的情形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不 能依靠本报告以取代行使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许 可，任何机构或个人不得以翻版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东 亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。本公司保留追究相关责 ...