SMM Analysis：In recent years, domestic galvanized sheet capacity has experienced a wave of new construction, with steel mills and galvanized sheet plants across various regions launching new galvanizing lines. According to incomplete statistics from SMM, galvanized sheet capacity additions from 2024 to 2028 will exceed 24 million mt, with additions in 2026-2028 alone accounting for 10 million mt. China's galvanized sheet capacity is still expanding rapidly. Why is this happening.......

According to SMM, new galvanizing capacity in 2025 is expected to reach 990 kt, mainly involving galvanized pipes, ship parts, angle steel towers, etc.

SMM Analysis：As of November 28, the average SMM domestic zinc concentrate TC was recorded at 2,050 yuan/mt in metal content, and the SMM imported zinc concentrate weekly index stood at $61.25/dmt. Overall, the current zinc concentrate TC has decreased by 600 yuan/mt MoM from early November, with the November imported zinc concentrate index down $33.47/dmt MoM. .......

In recent years, the development of the secondary zinc industry has attracted significant attention; however, the domestic supply of secondary zinc oxide has become increasingly tight. In contrast, Southeast Asia boasts abundant secondary zinc oxide raw material resources at relatively low prices, which has prompted many Chinese enterprises to establish production facilities in the region, with a considerable number choosing Vietnam. At the same time, amid growing uncertainties in international trade, more companies are relocating their plants to Vietnam to achieve integrated procurement, production, and sales, gradually forming a market trend. To keep pace with the globalization of international trade and the market development of secondary zinc oxide both domestically and overseas, and to reflect the actual price fluctuations of secondary zinc oxide internationally, SMM plans to launch the CIF import secondary zinc oxide payables.

SMM Analysis：According to the latest customs data, in terms of galvanized sheets, the export volume in October 2025 was 1.2994 million mt, up 5.97% MoM and 11.68% YoY. From January-October 2025, the cumulative export volume of galvanized sheets reached 11.74 million mt, up 10.07% YoY.......

SMM Analysis：According to the latest customs data, China imported 340,900 mt in physical content of zinc concentrates in October 2025, down 32.56% MoM (a decrease of 164,500 mt in physical content) from September but up 2.97% YoY. Cumulative zinc concentrate imports from January to October totaled 4.3489 million mt in physical content, up 36.59% YoY......

SMM Analysis：Entering November, overseas miners have successively released their Q3 reports. In terms of production, the Tizapa mine resumed production in Q3, and the Kipushi mine continued to ramp up, leading to a sequential increase in zinc concentrate output. However, production disruptions such as power outages, earthquakes, and declining raw ore grades persisted......

According to the latest SMM data, as of November 7, the average processing fees for Zamak 3 and Zamak 5 zinc alloys in Guangdong, Zhejiang, and Jiangsu have climbed to 675 yuan/mt and 1,225 yuan/mt, respectively. Quotations in Fujian also rose to 575 yuan/mt and 1,175 yuan/mt. The main reason for this price increase lies in changes in raw material costs.