[SHFE/LME price ratio pulls back to oscillate near 8.1, zinc ingot import window remains closed]: This week, the SHFE/LME price ratio pulled back and oscillated near 8.1, with the zinc ingot import window continuing to remain closed. Trump's "Big and Beautiful Act" was passed in the Senate, and as the July 9 deadline for the suspension of trade tariffs approaches, market risk-aversion demand has risen. However, the US dollar index first fell and then rose, with LME zinc maintaining a fluctuating trend. The US ADP employment figure for June ultimately recorded a decrease of 33,000, marking the largest decline since March 2023. The market has increased expectations for multiple interest rate cuts by the US Fed this year, with LME zinc continuing to rise.

[Premiums in Tianjin Continue to Decline]: This week, spot premiums in Tianjin continued to decline, reaching a discount state. They fell by approximately 60 yuan/mt WoW. As of Friday this week, domestic common brands were quoted at a discount of 0-30 yuan/mt against the 2507 contract, while high-priced brands were quoted at a premium of 10-30 yuan/mt against the 2507 contract. The discount in Tianjin against Shanghai was around 70 yuan/mt, and the price spread between Shanghai and Tianjin narrowed.

[Ferrous metals prices rebound, galvanizing operating rates rise]: This week, the operating rates of galvanising producers reached 56.48%, up 0.27 percentage points WoW. In terms of raw material inventory, zinc prices continued to fluctuate at highs this week, with weak downstream purchase sentiment. Restocking was mainly driven by rigid demand or long-term contracts, leading to a decrease in zinc ingot inventory.

[Domestic zinc concentrate TCs settled, unchanged WoW]: Domestic zinc concentrate TCs remained stable this week, while imported zinc concentrate TCs increased WoW. Specifically, the SMM Zn50 domestic weekly average TC price remained unchanged at 3,800 yuan/mt (metal content) WoW, and the SMM imported zinc concentrate index rose by $1/dmt to $66.25/dmt WoW...

[Narrowing Premium Against SHFE for Zinc Ingot Arrivals]: This week, spot premiums for zinc ingot in Ningbo first fell and then rose, decreasing by 50 yuan/mt compared to the weekly average price WoW. As of Friday this week, spot prices for zinc ingot in Ningbo were at a premium of 100 yuan/mt against the 2508 contract, and at a premium of 10 yuan/mt against SHFE, with the premium against SHFE narrowing during the week...

[Futures Market First Declines Then Rises, Spot Premiums Continue to Narrow]: This week, spot premiums in Shanghai continued to narrow, with a WoW decrease of 40 yuan/mt in the weekly average price. As of Friday this week, the spot premiums for ordinary domestic brands against the 2508 contract ranged from 130 to 140 yuan/mt, while the premium for the high-end brand Shuangyan against the 2507 contract was 180 yuan/mt...

[Tianjin Zinc: Futures Market Mainly Fluctuates, Downstream Purchase Willingness Weak] The mainstream transaction price of #0 zinc ingot in the Tianjin market was 22,300-22,420 yuan/mt, with Zijin trading at 22,340-22,450 yuan/mt. #1 zinc ingot traded around 22,210-22,310 yuan/mt, while Huludao reported at 25,770 yuan/mt. The ordinary #0 zinc ingot was quoted at a discount of 0-20 yuan/mt against the 2507 contract, with Zijin quoted at a premium of 10-30 yuan/mt against the 2507 contract. The Tianjin market was quoted at a discount of around 70 yuan/mt compared to the Shanghai market.

[Guangdong Zinc: Spot Transactions Remain Weak, Premium Continues to Decline Today] The mainstream transactions of 0# zinc in Guangdong ranged from 22,295 to 22,420 yuan/mt. The mainstream brands were quoted at a premium of 10 to 30 yuan/mt against the 2508 contract, and at a spot discount of 60 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread remained...

[Shanghai Zinc: Reluctance to Budge on Prices Persists, Trading Activity Sluggish]: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,415-22,530 yuan/mt, with Shuangyan zinc trading at 22,485-22,590 yuan/mt, and 1# zinc trading mainly at 22,345-22,460 yuan/mt. In the morning session, the market offered a premium of 40-60 yuan/mt against the SMM average price, with fewer offers against the futures price...

[Ningbo Zinc: Downstream Demand Purchases, Premium Basically Stable] The transaction price of mainstream brand 0# zinc in the Ningbo market was around 22,385-22,480 yuan/mt. The premium for mainstream brands in Ningbo against the 2508 contract was 100 yuan/mt, and the premium against Shanghai spot cargo was 10 yuan/mt. Mainstream quotes in the Ningbo region were made against the 2508 contract...