According to SMM, most galvanizing plants in North China adopted measures such as reduced operating rates or short-term shutdowns during this period, directly leading to a significant contraction in domestic zinc slag supply. Amid the supply-demand imbalance, the zinc slag payable indicator recently rose by approximately 2 percentage points. For zinc oxide enterprises, over 60% of production uses zinc slag as raw material. The increase in raw material prices has directly translated into rigid cost pressures, continuously squeezing profit margins. However, in stark contrast to the strong cost-side increases, downstream rubber and ceramic consumer markets have not entered the expected peak season recovery, with overall demand remaining sluggish. The dual pressures of "rising costs and weak demand" have become the core contradiction in the current zinc oxide market.

SMM Analysis：According to SMM data, as of September 12, the weekly average SMM Zn50 TC stood at 3,850 yuan/mt in metal content, down 50 yuan/mt in metal content from August, while the imported zinc concentrate index reached $98.75/dmt. This marks the end of the 10-month upward trend in domestic zinc concentrate TCs, whereas imported zinc concentrate TCs continued to climb. Why did domestic zinc concentrate TCs suddenly reverse course in September? What are the expectations for Q4.....

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, there are currently a large number of warrants in Guangdong and Jiangsu, while Shanghai continues to see replenishment of imported copper, but domestic warrants and spot cargo are limited. Spot premiums are expected to be offered high but trade low.

[SMM Daily Review: High-Grade NPI Prices Face Resistance to Rise but Remain Firm Amid Peak Season] September 15 (SMM) - The average price of SMM 10-12% high-grade NPI was 954 yuan/mtu (ex-factory, tax included), up 0.5 yuan/mtu from the previous working day.