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.......

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. .......

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......

SMM Analysis：As of October 31, the most-traded SHFE zinc contract closed at 22,355 yuan/mt, down 10 yuan/mt for the month, a decline of 0.04%. In October, zinc prices fluctuated considerably, hitting a low of 21,800 yuan/mt mid-month before rebounding in the second half of the month to a high of 22,540 yuan/mt by month-end......

With the rapid growth of the galvanizing, die-casting, and alloy industries across Southeast Asia, regional zinc consumption has continued to rise, supported by expanding import volumes. Indonesia and Malaysia have become the most representative zinc ingot import and trading hubs in the region......