Noticeable Rebound in December's Imported Zinc Concentrate TCs: January Imports in Focus

[Renewed Environmental Protection Measures in Northern China Slightly Weighed on Galvanizing Operating Rates]: This week, the operating rate of the galvanizing industry was 58.88, down slightly by 0.81 percentage points WoW. Raw material side, zinc prices rebounded this week, downstream pick-up of goods was limited and consumption was mainly from existing stocks, but zinc ingots previously price-fixed by galvanising enterprises arrived one after another, leading to a slight decline in zinc ingot inventory at galvanising enterprises. The lower operating rate was mainly due to the renewed environmental protection measures in some northern regions, which affected operations.

[Zinc Prices Fluctuated at Highs, Trading Weakened This Week]: Spot premiums in Tianjin rose slightly this week, up 15 yuan/mt WoW. As of this Friday, in China, standard brands were quoted at discounts of around 50-80 yuan/mt against the 2604 contract, high-priced brands at discounts of around 20-30 yuan/mt against the 2604 contract, and Tianjin was quoted at a discount of around 30 yuan/mt against Shanghai.

[SMM Zinc Morning Meeting Summary: US Dollar Index Strengthened, LME Zinc Center Remained at a Low Level]: Overnight, LME zinc opened at $3,078/mt. After the opening, LME zinc fluctuated downward, hitting a low of $3,044.5/mt. It then rebounded rapidly and touched an intraday high of $3,118.5/mt. Subsequently, LME zinc kept pulling back from the high level and finally closed down at $3,073.5/mt, down $75/mt, a decrease of 0.24%, while trading volume increased to 11,961 lots...