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[SMM Weekly report selected] Mine overhaul affects the release of zinc ore. It is expected that the increase in processing fees in the second half of the year will be limited.
Jul 18,2020 08:57CST
translation
Source:SMM
[domestic zinc concentrate processing fees] domestic mines are currently stable, but at the end of the month and in August, the overhaul of some mines in Inner Mongolia and Guangxi may affect the release of some zinc ores. Shaanxi refineries and other refineries have plans to increase production in the second half of the year, and the increase in zinc processing fees in the second half of the year is expected to be relatively limited.
The content below was translated by Tencent automatically for reference.

"SMM Zinc Industry chain Weekly report" released, the weekly report SMM will select the hot topics, prices, market or major changes in the industry chain information released into a document for your reference.

The following is an excerpt from the weekly report of the zinc industry chain:

Zinc market forecast next week: as far as Shanghai zinc is concerned, it has fallen after the general rise of non-ferrous metals this week, the positive mood in the market has dissipated, and Shanghai zinc has returned to the fundamentals. As far as next week is concerned, the supply side of the market is still under pressure from the increment of domestic zinc ingots. From next week, due to the enterprise target requirements, Shaanxi zinc industry and Hanzhong zinc industry two smelters will try their best to achieve full capacity production to meet the target. At the same time, domestic processing fees have stopped falling and rebounded, greatly boosting the production willingness of smelters, superimposed on the completion of maintenance of most smelters in the first half of the year, and it is expected that the follow-up supply may still increase month-on-month. On the import side, due to the less optimistic import price ratio and the slow appreciation of the superimposed RMB, it is expected that the import window will still be difficult to open in the short term. In addition to a small number of long single imported zinc inflows, it is expected that the amount of imported zinc will be limited next week. On the consumer side, due to the large increase in zinc prices since last week, until this week, downstream enterprises are still mainly wait-and-see, not just need to buy, mostly to consume the current inventory of raw materials and finished products, it is expected that there will be more purchases and replenishment next week. From a technical point of view, Shanghai zinc fell back to the upper track of Brin Road this week, and the KDJ index showed parallel, indicating that the movement of Shanghai zinc can be limited. Next week, Shanghai zinc is expected to maintain a range of finishing, supporting in the 10-day moving average operation. Overall, next week, Lun Zinc is expected to run at 2170 won 2240 US dollars / ton; Shanghai Zinc 2009 contract material is expected to run at 17500 Mel 18200 yuan / ton, the spot side is expected to rise water in August around 100 Mel 150 yuan / ton.

Processing fee: Lianyungang zinc mine arrived this week, and the spot quotation of imported zinc concentrate port is relatively stable. According to SMM research, the inventory of zinc concentrate in Lianyungang rebounded to 12.6W tons this week, but it is understood that the prices offered by mainstream miners in the market are still concentrated at US $160,000,000 per dry ton. due to the current inventory level is still good, the intended transaction price is more than US $180. relatively speaking, there are relative differences between trade and smelters, and domestic mine production is currently stable, but at the end of the month and in August, some mines in Inner Mongolia and Guangxi have been overhauled. It may affect the release of some zinc mines, while refineries in Shaanxi and other regions have plans to increase production in the second half of the year, and the increase in zinc processing fees in the second half of the year is expected to be relatively limited.

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Catalogue of "SMM Zinc Industry chain Weekly report" in this issue

Main points of this weekly report: processing fees, import profit and loss inventory

Hot spots in zinc industry: consumption off-season vs peak season expectations short-term macro environment determines the trend of zinc price

Zinc concentrate market: Lianyungang zinc mine arrives this week and the spot quotation of imported zinc concentrate port is relatively stable.

Refinery dynamics

Imported zinc market: it is difficult to open the import window when comparing internal and external prices.

Zinc market forecast next week: non-ferrous general rise falls back next week, Shanghai zinc is expected to maintain range consolidation

Review of Zinc City: zinc prices rise and fall in Macro-dominant Market

Galvanizing: the impact of off-season still exists, infrastructure consumption is still expected in the second half of the year

Die-casting zinc alloy: the price center of gravity of zinc ingots moves up again to restrain the demand of die-casting zinc alloy factory.

Zinc oxide: zinc oxide starts flat zinc price high purchase caution

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