According to SMM, as of July 25, the inventory in the Shanghai bonded zone was 17,000 mt, flat from a week ago. Recently, the import window for domestic zinc ingots has opened, but no imported zinc ingots flowed in during the week, and the bonded zone inventory stabilized.


![Secondary Zinc Oxide Payables Remained Relatively Firm, How Will They Perform in March [SMM Analysis]](https://imgqn.smm.cn/usercenter/ipTIN20251217171755.jpg)