According to the latest customs data, China's imports of unwrought zinc alloy reached 4,285.04 mt in May, up 13.60% MoM and 21.62% YoY. Exports fell to 168.68 mt, down 86.84% MoM and 79.09% YoY.

[Die-casting zinc alloy imports and exports performed differently in May. How will they develop in the future?] According to the latest customs data, China's imports of die-casting zinc alloy reached 4,285.04 mt in May, up 13.60% MoM and 21.62% YoY. Exports fell to 168.68 mt, down 86.84% MoM and 79.09% YoY...

SMM Analysis：In the first half of the year, domestic cold-rolled prices continued to decline, driving down the prices of finished galvanized sheet products. The downstream "rush to buy amid continuous price rise and hold back amid price downturn" mentality persisted, and domestic trade orders remained lukewarm. The "rush to export" wave gradually dissipated. How did galvanized sheet perform in the first half of the year? And how will it perform in the second half.....

[SMM Analysis: H1 has passed, how will galvanized sheet perform in H2?] Domestic cold-rolled prices continued to decline in the first half of the year, driving down the prices of finished galvanized sheet products. The downstream "rush to buy amid continuous price rise and hold back amid price downturn" mentality persisted, with domestic trade orders remaining lukewarm. The "rush to export" wave gradually dissipated. How did galvanized sheet perform in the first half of the year? And how will it perform in the second half...

[SHFE zinc records five-day winning streak, but consumption expected to exert certain pressure] The most-traded SHFE zinc 2508 contract opened at 22,445 yuan/mt. In the early trading session, bulls increased their positions, driving SHFE zinc to fluctuate upward above the daily average line, reaching a high of 22,570 yuan/mt. Subsequently, bears increased their positions, causing SHFE zinc to decline slightly below the daily average line. It eventually closed higher at 22,410 yuan/mt, up 170 yuan/mt from the previous close, representing a 0.76% increase. Trading volume increased to 226,000 lots, while open interest rose by 6,790 lots to 142,000 lots...

[Weak downstream consumption and lower zinc oxide operating rates] This week, the operating rate of zinc oxide enterprises was recorded at 58.72%, down 0.28% MoM. On the raw material side, affected by the rise in zinc prices this week and the weakening of downstream consumption, zinc oxide enterprises reduced their procurement. Meanwhile, the outflows from warehouses of enterprises slowed down. As a result, raw material inventory decreased MoM, while finished product inventory increased MoM. In terms of terminal orders, tyre factories, the end-users of rubber-grade zinc oxide, are still facing significant inventory pressure. Meanwhile, the end-use demand for chemical products is also in the doldrums...

[Weak downstream consumption; Guangdong premiums fell sharply during the week] Guangdong premiums and discounts fell sharply this week, down by approximately 140 yuan/mt WoW. As of Friday this week, the mainstream 0# zinc quotations in the Guangdong market were at premiums of 75~105 yuan/mt against the market, and the Shanghai-Guangdong price spread narrowed......

[Demand Continues to Weaken, Operating Rates of Galvanising Producers Decline]: This week, the operating rates of galvanising producers stood at 56.21%, a decrease of 2.39 percentage points WoW. In terms of raw material inventory, zinc prices have been rising throughout the week, reaching a level unacceptable to downstream buyers. Coupled with weak downstream demand, restocking is mainly driven by just-in-time needs or long-term contracts, leading to a decrease in zinc ingot inventory.

[Some enterprises still in shutdown state, operating rate of die-casting zinc alloy declines] This week, the operating rate of die-casting zinc alloy was recorded at 46.54%, down 8.58 percentage points MoM. On the raw material side, the center of zinc prices moved upward this week, and enterprises had low purchase willingness, with raw material inventories declining MoM. On the finished product inventory side, affected by the weakening downstream consumption and high prices, the outflows from warehouses of die-casting zinc alloy enterprises decreased, and finished product inventories increased MoM. The significant decline in the operating rate of die-casting zinc alloy enterprises this week was mainly due to some enterprises still being in the stage of shutdown and inventory consumption during the week, and on the other hand...