SMM Analysis：According to the latest customs data, in terms of galvanized sheets, the export volume in July 2025 was 1.1975 million tons. The cumulative export volume from January to July 2025 reached 8.1207 million tons, a year-on-year increase of 12.34% compared with 7.2284 million tons in 2024. Overall, China's galvanized sheet exports in July saw a limited increase compared with June.....

SMM Analysis：According to the latest customs data, 501,400 physical tons of zinc concentrate were imported in July 2025, a month-on-month increase of 51.97% (171,500 physical tons) from June and a year-on-year increase of 33.58%. The cumulative import volume of zinc concentrate from January to July reached 3,035,400 physical tons, with a cumulative year-on-year growth of 45.2%.....

SMM Analysis：Recently, some overseas mining companies have successively released their Q2 reports. In the first half of the year, although heavy rains, floods, wildfires and other factors affected the output of some zinc mines, the newly commissioned capacities of zinc mines such as Oz and Kipushi were gradually released, and the outputs of mines like Antamina and Tara recovered. Overall, the output increment was quite significant. Let's take a look at the specific performance of each mining company.....

SMM Analysis：As of August 8, the domestic zinc concentrate processing fee stood at 3,900 yuan/mt (metal content), while the imported zinc concentrate index surged to $82.25/dmt, marking increases of approximately 2,000 yuan/mt (metal content) and $100/dmt, respectively, compared to the beginning of the year. The overall increase has been remarkably significant. Why have imported zinc concentrate processing fees been rising? What is the outlook going forward.....

By July 31, the SHFE zinc main contract closed at 22,345 yuan/mt, down 150 yuan/mt (0.67%). Zinc prices bottomed out in July, hitting a monthly low of 21,865 yuan/mt in early month before rebounding to 23,070 yuan/mt by month-end, supported by domestic funding for the program of large-scale equipment upgrades and consumer goods trade-ins, the implement major national strategies and build up security capacity in key areas, and anti-"rat race" competition policies. How will zinc prices perform in August?

SMM Analysis：Against the backdrop of drastic changes in the zinc supply-demand pattern and rapid expansion of smelting capacity, zinc price volatility risks have intensified. As one of the primary trading hubs for spot zinc, Shanghai attracts significant market attention. To help industry participants more accurately gauge the pulse of the zinc market and stay informed about real-time trading dynamics, SMM's zinc research team has launched the "Shanghai Zinc Ingot Procurement and Sales Sentiment Index," which is updated daily to provide quantifiable, traceable, and early-warning data references for industry chain clients......

SMM Analysis：In recent years, zinc mine and smelting capacity has expanded rapidly. To better understand changes in the zinc industry's supply-demand pattern and predict price trends, the SMM zinc research team has meticulously developed an upstream inventory system. This system covers multiple critical aspects, including zinc ore inventory, zinc smelting raw material inventory, and zinc ingot finished product inventory, providing industry participants with a more comprehensive and precise inventory monitoring framework.....