1. Report Industry Investment Rating - No relevant information provided in the content 2. Core Viewpoints of the Report - The global zinc mine expansion cycle is nearing its end, and production disruptions are increasing, resulting in limited incremental space. In 2026, the global zinc mine output is expected to increase by about 150,000 tons, with the incremental projects concentrated in a few large - scale projects that were ramping up in the previous period [4]. - The global zinc concentrate supply - demand balance is tightening. Under the neutral scenario, a tight balance of zinc mines may become the norm, the TC operation center is expected to decline, and the zinc price operation center is expected to rise [9]. 3. Summary According to Relevant Catalogs 3.1 Global Zinc Mine Project Tracking - **2025 Global Zinc Mine Production**: In 2025, the global zinc mine output increased by 641,000 tons, a year - on - year increase of 5.37%, with the increment concentrated overseas. The production increase was mainly in Peru, Congo (Kinshasa), China, South Africa, Ireland, and Europe, while the decrease was mainly in the United States and Brazil [7]. - **2026 Global Zinc Mine Output Forecast**: Based on production schedules and production guidance, the global zinc mine increment in 2026 is estimated to be about 150,000 tons. The projects expected to contribute definite increments include Vedanta's Gamsberg Phase II, Ivanhoe's Kipushi project in Congo (Kinshasa), and the continuous realization of the increment from Russia's Ozernoye mine. Additionally, China's Huoshaoyun lead - zinc mine may add 150,000 - 200,000 metal tons in 2026 [4]. 3.2 Production Situation of Important Listed Mining Enterprises in Q4 - **Vedanta**: In Q4 2025, the zinc mine production was 335,000 tons, a quarter - on - quarter increase of 5.35% and a year - on - year increase of 7.72%, mainly driven by the increment of HZL and Gamsberg. The 2026FY production guidance was raised to 1.35 - 1.4 million tons, a slight increase compared to 2025FY. The bottleneck transformation of Chanderiya and Dariba refineries was completed in this quarter [12]. - **Glencore**: In Q4 2025, the zinc resource output was 260,000 tons, a quarter - on - quarter increase of 6.47% and a year - on - year decrease of 0.54%. The 2026 annual production guidance was lowered to 700,000 - 740,000 tons. The C1 cost decreased in 2025, and future capital expenditure will focus on copper and coal projects [19]. - **Teck**: In Q4 2025, the zinc mine production was 157,200 tons, a quarter - on - quarter increase of 4.45% and a year - on - year increase of 7.41%, mainly due to the increase in Antamina's production. The 2026 cost guidance increased, and the Red Dog MLE project is in progress [20][24]. - **Zijin Mining**: In Q4 2025, the zinc mine production was 128,900 tons, a quarter - on - quarter increase of 40.87% and a year - on - year increase of 41.13%. The 2026 - 2028 production plan aims to stabilize and increase zinc output, but the unit sales cost increased in the reporting period [25]. - **Nexa**: In Q4 2025, the zinc mine production was 91,200 tons, a quarter - on - quarter increase of 8.96% and a year - on - year increase of 22.51%. The 2026 capital expenditure is expected to increase, and the zinc mine cash cost in 2026 is expected to rise [28]. - **Peñoles**: In Q4 2025, the zinc mine production was 69,300 tons, a quarter - on - quarter increase of 9.70% and a year - on - year increase of 13.31%, mainly due to the resumption of Tizapa's production. The 2025 mine cash cost mostly decreased, and the enterprise's CAPEX is expected to slightly decline [35]. - **Volcan**: In Q4 2025, the zinc mine production was 59,400 tons, a quarter - on - quarter decrease of 0.67% and a year - on - year decrease of 7.19%. The Q4 2025 mine cost increased, and the capital expenditure increased significantly [36][39]. - **MMG**: In Q4 2025, the zinc mine production was 65,400 tons, a quarter - on - quarter increase of 11.29% and a year - on - year increase of 2.3%. The 2026 production guidance was slightly lowered, and the 2026 CAPEX is expected to be 1.6 - 1.7 billion US dollars, mainly focused on non - zinc projects [43]. - **Boliden**: In Q4 2025, the zinc mine production was 91,800 tons, a quarter - on - quarter decrease of 15.01% and a year - on - year decrease of 1.97%. The 2026 annual CAPEX is expected to be 15 billion Swedish kronor [44]. - **Newmont**: In Q4 2025, the zinc mine production was 46,000 tons, a quarter - on - quarter decrease of 22.03% and a year - on - year decrease of 40.26%. The 2026 unit cost is expected to increase, and the 2026 annual CAPEX is expected to be 3.35 billion US dollars [52]. - **Ivanhoe**: In Q4 2025, the zinc mine production was 61,400 tons, a quarter - on - quarter increase of 7.42% and a year - on - year increase of 89.12%. The 2026 production guidance is 240,000 - 290,000 tons. The 2026 Kipushi C1 cost is expected to be between 0.85 - 0.95 $/lb, and the capital expenditure is expected to be 60 million US dollars [55].

1. Report Industry Investment Rating - Unilateral: Cautiously bullish. Arbitrage: Neutral [6] 2. Core View of the Report - The short - term downstream consumption has not improved. The Middle East crisis has led to concerns about overseas ore transportation and problems with Iranian zinc ore supply, exacerbating the ore supply issue. The high price of by - products has narrowed the comprehensive smelting losses, and smelters still have a rigid demand for ore and the demand is expected to increase. The low TC at the ore end supports the zinc price. In the domestic market, it takes time for the spot market to recover after the holiday, and the spot market trading is still weak even if traders lower the premium. There is an optimistic long - term expectation for the macro and actual consumption, and opportunities for buying and hedging at low prices should be sought [1][5] 3. Summary According to Related Catalogs Important Data - **Spot**: LME zinc spot premium is -$20.60/ton. SMM Shanghai zinc spot price is 24,400 yuan/ton, up 30 yuan/ton from the previous trading day, with a premium of -90 yuan/ton; SMM Guangdong zinc spot price is 24,360 yuan/ton, up 40 yuan/ton, with a premium of -130 yuan/ton; Tianjin zinc spot price is 24,390 yuan/ton, up 40 yuan/ton, with a premium of -100 yuan/ton [2] - **Futures**: On March 3, 2026, the main SHFE zinc contract opened at 24,890 yuan/ton and closed at 24,370 yuan/ton, down 220 yuan/ton from the previous trading day. The trading volume was 186,915 lots, and the open interest was 95,476 lots. The highest price was 24,955 yuan/ton, and the lowest was 24,320 yuan/ton [3] - **Inventory**: As of March 3, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 254,600 tons, a change of 34,700 tons from the previous period. As of the same date, LME zinc inventory was 95,375 tons, a change of -1,400 tons from the previous trading day [4]

Report Industry Investment Rating - Unilateral: Cautiously bullish. Arbitrage: Neutral [6] Core View - The Middle East crisis has raised concerns about overseas mine transportation and Iranian zinc ore supply, exacerbating the mine supply problem. The high price of by - products has narrowed the comprehensive smelting loss, and smelters' enthusiasm remains high with a rigid demand for ore and an expected increase. The low TC at the mine end supports zinc prices. In the domestic market, the post - holiday spot market needs time to recover, and transactions are still weak. The Spring Festival inventory accumulation is similar to previous years, and attention should be paid to the later destocking rhythm. There is an optimistic long - term expectation for the macro and actual consumption, and opportunities for buying and hedging at low prices should be sought [5] Summary by Related Catalog Important Data - **Spot**: LME zinc spot premium is -$18.34/ton. SMM Shanghai zinc spot price decreased by 80 yuan/ton to 24,370 yuan/ton, with a premium of -80 yuan/ton; SMM Guangdong zinc spot price decreased by 110 yuan/ton to 24,320 yuan/ton, with a premium of -130 yuan/ton; Tianjin zinc spot price decreased by 80 yuan/ton to 24,350 yuan/ton, with a premium of -70 yuan/ton [2] - **Futures**: On March 2, 2026, the main SHFE zinc contract opened at 24,540 yuan/ton and closed at 24,850 yuan/ton, up 275 yuan/ton from the previous trading day. The trading volume was 186,884 lots, and the open interest was 95,630 lots. The highest price was 24,880 yuan/ton, and the lowest was 24,405 yuan/ton [3] - **Inventory**: As of March 2, 2026, the total inventory of zinc ingots in seven SMM regions was 254,600 tons, a change of 34,700 tons from the previous period. As of the same date, LME zinc inventory was 96,775 tons, a change of -575 tons from the previous trading day [4]

Report Summary 1. Industry Investment Ratings - **Positive Outlook**: Aluminum, tin, PX, PTA, MEG, rubber, LPG, propylene, fuel oil, low - sulfur fuel oil, short - fiber, bottle - chip, palm oil, soybean oil, cotton [17][15][62][65][112][118][134][146][164] - **Neutral Outlook**: Copper, zinc, lead, platinum, palladium, nickel, stainless steel, industrial silicon, polysilicon, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, log, styrene, soda ash, synthetic rubber, PP, caustic soda, pulp, glass, methanol, urea, benzene, container shipping index (European line), double - offset paper, peanut, egg [5][8][11][20][21][25][36][41][45][49][53][101][104][68][74][77][82][88][91][97][142][120][139][178][170] - **Negative Outlook**: Iron ore, LLDPE, live hog [39][71][173] 2. Core Views - **Commodities with Cost Support and Positive Trends**: PX and PTA are supported by cost and are expected to rise after the Spring Festival. MEG is in a range - bound operation. The prices of rubber, LPG, and propylene are expected to be strong due to various factors such as supply - demand and geopolitical influences [63][64][65][112] - **Commodities with Uncertainty and Volatility**: Copper has increased uncertainty and price fluctuations. Zinc, lead, and other metals are in a range - bound oscillation due to factors like supply - demand balance and market sentiment [5][8][11] - **Agricultural Commodities Affected by Multiple Factors**: Palm oil and soybean oil are affected by geopolitical factors and supply - demand fundamentals. Cotton is expected to open slightly higher, and sugar is in a range - bound arrangement [146][164][159] 3. Summary by Commodity Metals - **Copper**: Uncertainty increases, price fluctuates. The closing price of the Shanghai copper main contract was 100,380, a decrease of 1.91%. The LME copper 3M electronic disk rose 0.35%. The market is affected by factors such as AI concerns, tariff war risks, and corporate production plans [5] - **Zinc**: Ranges in a certain interval. The closing price of the Shanghai zinc main contract was 24,250, a decrease of 1.70%. The LME zinc 3M electronic disk rose 0.91%. The market is influenced by factors like trade policies and inventory changes [8] - **Lead**: Both supply and demand are weak, and the price ranges. The closing price of the Shanghai lead main contract was 16,700, unchanged. The LME lead 3M electronic disk rose 0.69%. The market is affected by macro - news and inventory levels [11] - **Tin**: Attention should be paid to the impact of tariffs. The closing price of the Shanghai tin main contract was 365,400, a decrease of 7.05%. The LME tin 3M electronic disk rose 1.35%. The market is influenced by tariff policies and international trade situations [14] - **Aluminum**: After the Spring Festival, the trend is strong. The closing price of the Shanghai aluminum main contract was 23,195, a decrease of 120. The market is affected by factors such as production capacity, inventory, and cost [17] - **Nickel**: Speculative sentiment in Shanghai nickel still exists, and attention should be paid to the contradiction of nickel ore. The closing price of the Shanghai nickel main contract was 135,190, a decrease of 4,420. The market is affected by factors such as Indonesian policies and market supply - demand [25] - **Stainless Steel**: The cost support center moves up, but the inventory accumulation in the off - season restricts the elasticity. The closing price of the stainless - steel main contract was 13,860, a decrease of 110. The market is affected by factors such as raw material prices and inventory levels [25] Energy and Chemicals - **PX and PTA**: Cost - supported, with a strong trend. During the Spring Festival, the PX US dollar price rose significantly. After the festival, the domestic PTA opening price is expected to make up for the increase. The market is affected by factors such as upstream raw material prices and downstream demand [63][64] - **MEG**: Range - bound operation. The overseas ethylene glycol price was stable during the Spring Festival. The domestic market is affected by factors such as supply - side device start - up rates and inventory levels [64] - **Rubber**: Oscillates strongly. The closing price of the rubber main contract was 16,315, a decrease of 135. The market is affected by factors such as supply - demand in the off - season and downstream enterprise resumption [65] - **Synthetic Rubber**: Runs in a short - term oscillation. The closing price of the butadiene rubber main contract was 12,505, a decrease of 210. The market is affected by factors such as inventory levels and cost support [68] - **LLDPE**: Affected by geopolitical disturbances during the festival, cost - supported and oscillates strongly. The closing price of the LLDPE main contract was 6,644, a decrease of 1.34%. The market is affected by factors such as raw material prices and downstream demand expectations [71] - **PP**: The C3 raw material performs strongly, and the PDH maintenance rate is still high. The closing price of the PP main contract was 6,568, a decrease of 1.20%. The market is affected by factors such as cost, supply - side device maintenance, and downstream demand [74] - **Caustic Soda**: Cost - supported, mainly oscillates. The 05 - contract futures price was 2,243. The market is affected by factors such as chlorine prices, inventory levels, and downstream demand [77] - **Paper Pulp**: Runs in an oscillation. The closing price of the paper pulp main contract was 5,260, an increase of 22. The market is affected by factors such as supply - demand balance and price trends [84] - **Glass**: The original sheet price is stable. The closing price of the glass main contract was 1,041, a decrease of 2.44%. The market is affected by factors such as downstream procurement and market demand [89] - **Methanol**: Runs in an oscillation. The closing price of the methanol main contract was 2,188, a decrease of 43. The market is affected by factors such as inventory levels, cost, and downstream demand [92] - **Urea**: The price center moves up. The closing price of the urea main contract was 1,833, a decrease of 10. The market is affected by factors such as production capacity, inventory, and agricultural demand [98] - **Styrene**: Oscillates strongly. The closing price of the styrene 2602 contract was 7,360, a decrease of 100. The market is affected by factors such as overseas prices, inventory levels, and export situations [101] - **Soda Ash**: The spot market changes little. The closing price of the soda ash main contract was 1,150, a decrease of 1.63%. The market is affected by factors such as enterprise production and downstream demand [104] - **LPG**: Short - term geopolitical disturbances are strong. The closing price of the LPG 2603 contract was 4,252, a decrease of 0.44%. The market is affected by factors such as geopolitical situations and supply - demand [107] - **Propylene**: The fundamentals remain tight, and attention should be paid to the post - festival replenishment dynamics. The closing price of the propylene 2603 contract was 6,172, a decrease of 1.69%. The market is affected by factors such as supply - side device start - up rates and downstream demand [107] - **PVC**: Ranges in an interval. The 05 - contract futures price was 4,905. The market is affected by factors such as cost, inventory levels, and supply - demand [116] - **Fuel Oil**: May make up for the increase at the opening, and short - term fluctuations continue to expand. The closing price of the fuel oil 2603 contract was 3,080, an increase of 2.22%. The market is affected by factors such as international oil prices and supply - demand [118] - **Low - Sulfur Fuel Oil**: Follows the upward trend, and the spot price difference between high - and low - sulfur in the overseas market continues to rebound. The closing price of the low - sulfur fuel oil 2603 contract was 3,209, a decrease of 3.49%. The market is affected by factors such as international oil prices and supply - demand [118] Agricultural Products - **Palm Oil**: Geopolitical disturbances cause oil prices to rise, and the fundamental logic continues from before the festival. The closing price of the palm oil main contract was 8,698, a decrease of 0.96%. The market is affected by factors such as production, export, and geopolitical situations [146] - **Soybean Oil**: The US soybeans run stably, and the soybean oil rebounds in an interval. The closing price of the soybean oil main contract was 8,054, a decrease of 0.35%. The market is affected by factors such as US soybean production, trade policies, and supply - demand [146] - **Soybean Meal**: The US soybeans changed little during the Spring Festival, and attention should be paid to US tariff policies. The closing price of the DCE soybean meal 2605 contract was 2,800, an increase of 18. The market is affected by factors such as US soybean production, trade policies, and supply - demand [152] - **Soybean**: Pay attention to market sentiment, and it may be stable and strong. The closing price of the DCE soybean 2605 contract was 4,674, an increase of 98. The market is affected by factors such as market sentiment, supply - demand, and trade policies [152] - **Corn**: Oscillates strongly. The closing price of the corn 2605 contract was 2,320, an increase of 0.04%. The market is affected by factors such as planting area, production, and demand [155] - **Sugar**: Arranges in an interval. The futures main price was 5,211, a decrease of 43. The market is affected by factors such as production, import, and demand [159] - **Cotton**: Expected to open slightly higher. The closing price of the CF2605 contract was 14,740, a decrease of 0.34%. The market is affected by factors such as domestic and foreign supply - demand, planting area, and international cotton prices [164] - **Egg**: Oscillates and adjusts. The closing price of the egg 2603 contract was 2,945, an increase of 0.27%. The market is affected by factors such as supply - demand, feed prices, and production costs [170] - **Live Hog**: The spot price during the holiday was lower than expected. The closing price of the live - hog 2603 contract was 10,740, a decrease of 155. The market is affected by factors such as supply - demand, inventory levels, and production capacity [175] - **Peanut**: Runs in an oscillation. The closing price of the PK603 contract was 8,010, a decrease of 0.05%. The market is affected by factors such as supply - demand, inventory levels, and price trends [178]

Investment Rating - The report maintains a "Positive" outlook for the non-ferrous metals industry [5] Core Viewpoints - Short-term fluctuations do not alter the long-term positive trend for the non-ferrous metals sector, with a focus on low-position investment opportunities [7][12] - The zinc sector is viewed as an overlooked foundational material in the context of "de-globalization," with improving supply-demand dynamics expected to drive prices upward [13] - The aluminum sector, particularly the electrolytic aluminum industry, is anticipated to enjoy valuation premiums due to its supply chain security and competitive advantages [14] - In the precious metals sector, investors are advised to wait for price stabilization before re-entering positions, despite a long-term bullish outlook for gold [14] Summary by Sections 1. Core Viewpoints - Short-term market volatility is expected, but the long-term outlook remains positive, driven by ongoing demand and supply constraints in the non-ferrous metals market [12] - The zinc market is expected to benefit from increased demand due to re-industrialization in Asia, Africa, and Latin America, despite current domestic construction concerns [13] - The aluminum industry is positioned to gain from enhanced supply chain security and competitive advantages, with domestic production capabilities improving [14] - Precious metals are currently experiencing high volatility, and investors are encouraged to wait for a more stable price environment before making new investments [14] 2. Steel Industry - The steel sector is facing a weak fundamental backdrop as it approaches the Chinese New Year, with expectations for policy measures to support the industry [15] - Steel production has seen a slight increase, but demand for rebar is weakening, with a notable decrease in consumption [20] - Inventory levels for both social and steel mill stocks are rising, indicating potential oversupply concerns [22] - Overall steel prices have experienced a slight decline, reflecting broader market trends [31] 3. New Energy Metals - Lithium production in December 2025 saw a significant year-on-year increase, indicating strong supply growth in the new energy sector [35] - The demand for new energy vehicles remains robust, with production and sales showing significant year-on-year growth [39] - Prices for lithium and nickel have shown notable declines, while cobalt prices have remained stable [44]

Group 1 - The domestic zinc prices have declined today, with the Shanghai zinc futures showing a decrease of 250 yuan/ton, closing at 24,450 yuan/ton, a drop of 1.01% [1] - The trading volume for the Shanghai zinc 2603 contract decreased by 40,788 lots, while the open interest fell by 4,676 lots, indicating reduced market activity [1] - The average price for 0 zinc in the domestic market is reported at 24,550 yuan/ton, down by 40 yuan, while 1 zinc averaged 24,460 yuan/ton, also down by 40 yuan [1] Group 2 - Macroeconomic factors show mixed signals from the US economy, with weak employment data but concerns over high inflation and potential hawkish tendencies from the new Federal Reserve chair nominee, impacting risk assets negatively [2] - Global stock markets are weakening, and geopolitical uncertainties are affecting market sentiment, leading to a slowdown in zinc price declines [2] - The Canadian mining company, Ivanhoe Mines, is in discussions to include high-grade zinc concentrate from the Kipushi mine into the US "Project Vault" strategic reserve, which may support zinc prices amid supply disruptions [3] Group 3 - Domestic zinc concentrate processing fees are at low levels, and many galvanizing enterprises are halting production for the Spring Festival, leading to an increase in social inventory and weak market demand [3] - The overall sentiment in the zinc market is influenced by macroeconomic conditions and weak terminal consumption, with expectations of continued range-bound and downward movement in zinc prices [3]

Group 1 - The recent decline in zinc prices is influenced by the correlation with stock and oil markets, as well as profit-taking by speculators, leading to a drop in LME zinc by 0.21% to $3299 per ton [1] - The macroeconomic environment shows a strong US dollar, which has reached a two-week high, impacting global demand for commodities and reflecting changes in market expectations regarding the Federal Reserve's monetary policy [1][2] - Domestic copper concentrate processing fees are at low levels, and many galvanizing enterprises are halting production for an average of 9.8 days during the Spring Festival, contributing to increased social inventory and weak spot transactions [2] Group 2 - Canadian company Ivanhoe Mines is in negotiations to include high-grade zinc concentrate from the Kipushi mine into the US "Project Vault" strategic reserve, which may support zinc prices amid potential supply disruptions [2] - The overall sentiment in the zinc market is bearish due to weak terminal consumption and macroeconomic factors, suggesting a further decline in zinc prices [2]

Group 1 - The core viewpoint of the articles indicates that the zinc market is experiencing fluctuations due to macroeconomic factors, particularly the political instability in the U.S. and its potential impact on the dollar and metal prices [2][4] - The domestic zinc prices have shown a slight increase, with the average price for 0 zinc reported at 25060 yuan per ton, up by 80 yuan, while 1 zinc averaged 24980 yuan per ton, also up by 80 yuan [1][2] - The supply-demand dynamics in the zinc market are weak, with a decrease in refined zinc production by approximately 50,000 tons month-on-month due to refinery reductions and seasonal shutdowns [3][4] Group 2 - The U.S. government faces a risk of shutdown, which could lead to a decrease in the dollar's long-term attractiveness, thereby increasing the appeal of dollar-denominated metal commodities [2][4] - Domestic demand for zinc remains stable but is expected to decline as the Chinese New Year approaches, leading to lower consumption in the downstream sectors [3][4] - The current trading atmosphere in the spot market is subdued, with limited purchasing activity and a general lack of strong pricing intentions from traders [3][4]

Group 1 - The core viewpoint of the articles indicates a significant decline in zinc prices due to market sentiment shifts influenced by external factors such as stock and oil market volatility, as well as macroeconomic developments in the U.S. [1][2] - London zinc prices fell by 2.4%, closing at $3,370 per ton, with a trading volume of 19,234 lots, reflecting a decrease in market activity [1] - Domestic zinc consumption is weak as the Chinese New Year approaches, with some zinc mines undergoing maintenance, leading to tight supply conditions [2] Group 2 - The nomination of Kevin Walsh, known for his hawkish stance, to replace Jerome Powell as the Federal Reserve Chair has raised concerns about tighter monetary policy, impacting market liquidity and leading to a sell-off in the non-ferrous metals market [2] - Despite a decrease in zinc ingot inventory to 65,200 tons, indicating resilient consumption, the operating rates in the downstream galvanizing industry have significantly declined [2] - The overall supply-demand fundamentals for zinc remain stable, but the market is experiencing high capital congestion, suggesting a need for short-term adjustments [2]

Core Viewpoint - The domestic zinc market has experienced an upward trend in prices, driven by macroeconomic factors and increased trading activity in related metals [2][3]. Group 1: Market Performance - The Shanghai zinc futures contract (2603) opened at 24,715 CNY/ton, reaching a high of 24,880 CNY/ton and closing at 24,725 CNY/ton, reflecting an increase of 160 CNY or 0.65% [1]. - The trading volume for the Shanghai zinc contract was 207,921 lots, an increase of 34,645 lots, while open interest rose by 1,507 lots to 121,627 lots [1]. - The latest price for London zinc was reported at 3,292.5 USD, up by 23.5 USD [1]. Group 2: Price Statistics - The ccmn comprehensive zinc price for 0 zinc was reported at 24,670-24,770 CNY/ton, with an average of 24,720 CNY, an increase of 70 CNY [1]. - The 1 zinc price ranged from 24,590 to 24,690 CNY/ton, averaging 24,640 CNY, also up by 70 CNY [1]. - In Guangdong, the 0 zinc price was reported at 24,440-24,740 CNY/ton, averaging 24,590 CNY, an increase of 100 CNY [1]. Group 3: Supply and Demand Dynamics - The global zinc market deficit widened from 2,800 tons in October to 7,700 tons in November, according to the International Lead and Zinc Study Group (ILZSG) [3]. - Domestic zinc supply is affected by winter production halts in northern mines, although the recent recovery in import zinc concentrate margins has reopened import windows [3]. - The overall trading atmosphere in the domestic market is stable, with a slight increase in transaction volumes, although demand remains cautious due to seasonal weather conditions [3].