Luoping Zinc & Electricity Forecasts H1 2026 Net Loss of RMB 60-80M, Showing Year-on-Year Improvement

According to feedback from an Indian refinery, the relevant national authorities have issued a directive to prioritise domestic sulfur supply and ban exports, in order to safeguard local availability. Trade data shows that India's sulfur exports are heavily concentrated on the Chinese market. According to WITS data, in 2024 India's exports of crude or unrefined sulphur totalled approximately US$81.02 million, with a volume of about 805.2 million kg (approximately 805,200 tonnes). Among this, exports to China reached US$78.33 million, with a volume of about 797.2 million kg (approximately 797,200 tonnes), accounting for roughly 99% of India's total sulfur exports. Other major destinations included Tanzania, South Africa, Sri Lanka, and Australia, but in very limited quantities. Previously, Indian industry lobbying groups had repeatedly called on the New Delhi government to ban sulfur exports. Of India's annual sulfur demand of about 2 million tonnes, more than half is met by imports, nearly half of which come from the Middle East. The immediate trigger for this export ban is the severe disruption to shipping in the Strait of Hormuz caused by geopolitical conflicts in the Middle East, which has continuously tightened global sulfur supply.

【SMM Flash】According to SMM intelligence, as of this Thursday (July 16), the total zinc ingot inventory across seven regions in China reached 267,700 mt, up 2,900 mt from July 9 but down 1,300 mt from July 13, with domestic inventory decreasing.

[Guangdong: Guangdong’s contract rollover quotes today, spot transactions remained ordinary] Guangdong 0# zinc was mainly traded at 24,440-24,570 yuan/mt, mainstream brands were quoted at a discount of 145-125 yuan/mt against the 2608 contract and at a discount of 70 yuan/mt against Shanghai spot zinc, with the Shanghai-Guangdong price spread widening...