Domestic zinc inventories declined significantly amid active downstream stockpiling, while overseas demand was sluggish, driving inflows of spot cargoes into China.
The SHFE/LME zinc price ratio can rise further. The import window may reopen but can hardly remain open for long due to weakening domestic demand and inflows of imported zinc ingot.
![Tianjin Zinc: Zinc prices rebound, downstream remains cautious [SMM Midday Commentary]](https://imgqn.smm.cn/usercenter/tAyyp20251217171754.jpg)
![Zinc du Guangdong : le centre des contrats à terme progresse, le marché au comptant reste calme [commentaire de midi SMM]](https://imgqn.smm.cn/usercenter/XrnKf20251217171755.jpg)
![Zinc à Shanghai : la crainte des prix élevés refait surface en aval, le sentiment de négociation sur le marché est morose [Commentaire de mi-journée SMM]](https://imgqn.smm.cn/usercenter/kdRPs20251217171754.jpg)
