The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 28 Apr, 2025

Against the backdrop of the construction of a new-type power system, in order to effectively support the construction of large-scale wind and PV power bases in deserts, gobi deserts, and wastelands, and to facilitate and promote the intensive development and long-distance transmission of large-scale power supply bases, the construction of ultra-high voltage (UHV) projects is expected to continue advancing. The State Grid Corporation of China recently issued a tender announcement for the centralized procurement of steel towers for the 15th batch of UHV projects in 2025, with a total steel tower scale of 568,000 mt and conductor rail devices totaling 631,000 meters. The hot-dip galvanizing process, a core anti-corrosion technology for transmission steel towers, is expected to drive an increase in zinc ingot consumption, attracting significant attention within the zinc industry chain.

[SMM Data] SMM News on April 28: According to SMM's communication and understanding, as of Monday (April 28) this week, the total zinc ingot inventory across seven locations tracked by SMM was 85,900 mt, a decrease of 7,100 mt from April 21 and an increase of 100 mt from April 24, with domestic inventory recording an increase. Over the weekend, imported zinc ingots arrived in the Shanghai region, driving up the overall inventory in warehouses. In the Guangdong region, inventory continued to decline due to fewer arrivals over the weekend. In the Tianjin region, arrivals were relatively normal while downstream entities gradually picked up goods, resulting in relatively small inventory changes. Overall, the original three-location inventory increased by 700 mt, and the seven-location inventory increased by 100 mt.

[Shanghai Zinc: Imported Zinc Ingots Arriving Successively, Premiums Struggle to Rise]: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,850-22,980 yuan/mt, with Shuangyan zinc ingots trading at 23,030-23,150 yuan/mt, and 1# zinc trading mainly at 22,780-22,910 yuan/mt. In the morning session, the market offered premiums of 0-10 yuan/mt against the average price, with fewer quotes against the futures price...

[Ningbo Zinc: Downstream Buyers Stock Up at Lower Prices, Spot Premiums Moderate] The transaction prices for mainstream brand 0# zinc in the Ningbo market ranged around 22,880-22,970 yuan/mt. The premium for mainstream brands in Ningbo against the 2505 contract was 175 yuan/mt, and the premium against Shanghai spot cargo was 10 yuan/mt. Mainstream players in the Ningbo region quoted prices against the 2505 contract...