【2023 SMM Zinc Industry Conference】Jinrui Futures Research Institute Research Director Zeng Tong: Due to the disruption of the epidemic in 2022, resulting in the low base of zinc demand, the performance of zinc demand in 2023 can be described as the recovery from the bottom of the valley.

Breaking down each terminal: Infrastructure, automotive, white goods and other industries have a strong recovery in 23 years, but the divergence in real estate is particularly obvious: new starts are still significantly negative; completion is maintained at a high growth rate on the basis of delivering buildings.

Therefore, in general, the demand growth space from 2023 to 2024 comes from the real estate and infrastructure sectors.