The low-priced delivery of zinc ingots impacted the Ningbo market, with spot premiums continuously declining throughout the week. [SMM Ningbo Spot Weekly Review]

[Geopolitical Disruptions Combined with Trade Disturbances, SHFE and LME Both Rise] At the beginning of the week, LME zinc was closed due to the UK bank holiday. Subsequently, signs that the US-Iran ceasefire agreement remained in effect eased inflation concerns and upward pressure on interest rates. Combined with supply disruptions outside China, these factors jointly supported the rise of LME zinc. Meanwhile, the US dollar index continued to decline, and inventories outside China fell consecutively, further supporting LME zinc's upward move......

[No Significant Production Cuts at Smelters in May; Zinc Concentrate TCs Continued to Decline]: Based on weekly data, the SMM Zn50 domestic weekly average TC fell 150 yuan/mt Zn WoW to 700 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $6.5/dmt WoW to -$45.75/dmt.

[Zinc Oxide Operating Rates Relatively Stable but Enterprise Profit Margins Narrow] Currently, the overall demand in the zinc oxide industry was relatively stable, but market price involution was prominent. Meanwhile, some enterprises saw rising production costs due to production processes and increased raw material costs, while product selling prices were suppressed by market competition, leaving limited upside room...