[Guangdong Zinc: Market Transaction Atmosphere Improves, Spot Premiums Rise] The mainstream transactions of 0# zinc in Guangdong were concluded at 22,685-22,810 yuan/mt. Mainstream brands were quoted at a premium of 305 yuan/mt against the 2507 contract, and at a discount of 110 yuan/mt against spot cargo in Shanghai. The Shanghai-Guangdong price spread narrowed....

[Tianjin Zinc: Market Remains Mediocre, Trading Dominated by Traders] In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at 22,580-22,730 yuan/mt, with Zijin transactions at 22,660-22,760 yuan/mt. Transactions for #1 zinc ingot were around 22,260-22,350 yuan/mt, while Huludao reported prices at 25,970 yuan/mt. Regular #0 zinc ingot was quoted at a premium of 200-270 yuan/mt against the 2506 contract, with Zijin quoted at a premium of 280-300 yuan/mt against the 2506 contract. Tianjin prices were quoted at a discount of around 20 yuan/mt compared to Shanghai prices.

[Shanghai Zinc: Premiums Remain Stable, Downstream Demand Purchases]: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,660-22,745 yuan/mt, with Shuangyan zinc trading at 22,960-23,045 yuan/mt, and 1# zinc trading mainly at 22,590-22,675 yuan/mt. In the morning session, the market offered premiums of 40-60 yuan/mt against the average price, with no quotes against the spot price...

[Ningbo Zinc: Continuous Replenishment of Imported Zinc Ingots Leads to Slight Decline in Spot Premiums] The transaction prices for mainstream 0# zinc brands in the Ningbo market ranged from approximately 22,660 to 22,725 yuan/mt. The mainstream brands in Ningbo offered a premium of 260 yuan/mt against the 2506 contract and a premium of 30 yuan/mt against spot cargo in Shanghai. Mainstream quotes in the Ningbo region were against the 2506 contract...

[Import Window Opens in May, Refined Zinc Imports Remain High] According to the latest customs data, refined zinc imports in April 2025 reached 28,200 mt, up 600 mt or 2.4% MoM, and down 38.66% YoY. The cumulative refined zinc imports from January to April 2025 were 129,200 mt, representing a year-on-year decrease of 9.44%. In April 2025, refined zinc exports were 2,500 mt, resulting in a net import of 25,700 mt of refined zinc for the month.

Overnight, LME copper opened at $9,500.5/mt. After fluctuating higher in early trading, it pulled back and touched a low of $9,495/mt.

[SMM Zinc Morning Comment] Overnight, LME zinc opened at $2,689.5/mt. After opening, LME zinc fluctuated considerably along the daily average line, reaching a high of $2,706.5/mt during the session. Entering the night session, the center of LME zinc moved downward, operating below the daily average line. It touched a low of $2,670.5/mt at the end of the session, closing down at $2,672.5/mt, down $13.5/mt or 0.50%. Trading volume decreased to 84,672 lots, while open interest fell by 4,336 lots to 224,000 lots...

[SMM Morning Meeting Summary: US Credit Rating Downgrade Disturbs Market Sentiment, LME Zinc Posts Three Consecutive Negative Sessions Overnight] Overnight, LME zinc opened at $2,689.5/mt. After opening, LME zinc fluctuated considerably along the daily average line, reaching a high of $2,706.5/mt during the session. Entering the night session, the center of LME zinc moved downward, operating below the daily average line. It touched a low of $2,670.5/mt at the end of the session, closing down at $2,672.5/mt, a decline of $13.5/mt or 0.50%. Trading volume decreased to 84,672 lots, while open interest fell by 4,336 lots to 224,000 lots.

On May 12, China and the US issued the "Joint Statement on the China-US Geneva Economic and Trade Talks," easing trade tensions. Amidst the ever-changing macro landscape, how has the downstream consumption of die-casting zinc alloy in China performed recently? First, from the perspective of zinc prices and the operating rate of die-casting zinc alloy, domestic zinc prices in April were influenced by macro fluctuations, continuously declining to a new low in 2025, falling below 22,000 yuan/mt. The low prices prompted most end-users to buy the dip, coupled with some end-users in the market taking limited "rush exports" actions, thus driving an improvement in orders for die-casting zinc alloy enterprises in April. The following analysis will be conducted from the perspectives of the real estate sector, auto parts sector, exports, and other sectors...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 19 May, 2025