China's automobile production and sales remained stable in January 2026, with sales slightly declining

[Galvanising enterprises mostly on holiday, operating rates drop significantly]: This week, the operating rate of the galvanizing industry was 16.25%, down 22.35 percentage points WoW. From the raw material side, zinc prices mainly fluctuated this week, but most downstream enterprises were on holiday, with pricing being the main activity and fewer cargo pick-ups. However, large plants had basically received long-term contract goods by the beginning of the week, and zinc ingot inventories at galvanising enterprises increased slightly.

Historically, domestic zinc concentrate production typically declines continuously from December to February each year. There are two main reasons: first, some mines undergo routine shutdowns in winter due to weather conditions; second, the Chinese New Year holiday falls early in the year, during which many mines suspend operations or conduct maintenance. As this year's Chinese New Year holiday approaches, how will these factors specifically affect domestic zinc concentrate supply？

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened at 24,780 yuan/mt. At the beginning of the session, zinc prices briefly rose, touching a high of 24,800 yuan/mt, but then bears increased their positions, causing prices to fluctuate downward. By the end of the session, zinc hit a low of 24,510 yuan/mt, and finally closed down at 24,535 yuan/mt, falling 105 yuan/mt, a decline of 0.43%. Trading volume decreased to 26,540 lots, while open interest increased by 2,781 lots to 81,650 lots.