The SMM Imported Zinc Concentrate Index for this week is $90.3/dmt, with a 9.79% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-80/dmt, down by 23.08% WoW.

[SHFE zinc maintains fluctuating trend, awaiting macro guidance]: The most-traded SHFE zinc 2510 contract opened at 22,560 yuan/mt. After opening, SHFE zinc fluctuated lower below the daily average line, reaching a low of 22,485 yuan/mt. Entering the afternoon session, SHFE zinc rebounded from the lows, touching a high of 22,580 yuan/mt, before pulling back from highs to near the daily average line. It eventually closed lower at 22,530 yuan/mt, down 40 yuan/mt or 0.18...

[Domestic and overseas inventory changes varied, with SHFE and LME zinc prices fluctuating considerably] At the beginning of the week, LME zinc continued its upward trend from the previous week; then Trump indicated that gold would not be subject to a tariff hike, leading to a slight improvement in market sentiment. Meanwhile, the market continued to await the US inflation report to gauge the prospects for an interest rate cut. The US dollar index rose from a low position, and LME zinc came under pressure...

[Market activity was sluggish during the week, with spot premiums/discounts slightly declining] This week, premiums/discounts in Guangdong decreased by approximately 10 yuan/mt WoW. As of Friday this week, the mainstream 0# quotations in Guangdong were at a discount of 100~60 yuan/mt to the market, and the Shanghai-Guangdong price spread remained unchanged. Prices gradually rose at the beginning of the week, dampening downstream purchasing enthusiasm to some extent, and market trading was sluggish......

[Normal arrivals coupled with less cargo pick-up, domestic inventory continued to increase this week] According to SMM's communication and understanding, as of Thursday this week (August 14), the total inventory of zinc ingots in seven locations tracked by SMM was 129,200 mt, an increase of 16,000 mt from August 7 and an increase of 10,000 mt from August 11. Domestic inventory increased...

[Demand for feed-grade zinc oxide recovers, with zinc oxide operating rate rising this week] This week, the zinc oxide operating rate reached 56.95%, up 1.27% WoW. On the raw material side, as zinc prices remained fluctuating overall this week, zinc oxide enterprises mainly made just-in-time procurement, and raw material inventory decreased MoM...

[Weak downstream consumption and lower operating rates of die-casting zinc alloy during the week] This week, the operating rate of die-casting zinc alloy was recorded at 47.61%, down 0.82 percentage points MoM. On the raw material side, zinc prices moved downwards after a higher opening this week, and die-casting zinc alloy enterprises had a strong wait-and-see sentiment, mainly making just-in-time procurement. On the finished product inventories side, affected by this week's prices, downstream procurement demand was weak, and finished product inventories of die-casting zinc alloy enterprises increased slightly. ......

[SHFE/LME price ratio remains low, imported zinc ore TCs continue to rise]: This week, domestic zinc ore TCs remained stable, while imported zinc ore TCs increased MoM. Specifically, the average weekly SMM Zn50 domestic TC price remained unchanged MoM at 3,900 yuan/mt (metal content), and the SMM imported zinc concentrates index rose 8.05 $/dmt MoM to 90.3 $/dmt...

[Weak downstream orders lead to a decline in Ningbo spot discounts]: This week, Ningbo spot discounts continued to widen, with the weekly average price falling by 35 yuan/mt WoW. As of Friday this week, Ningbo spot prices were at a discount of 40 yuan/mt against the 2509 contract and at a premium of 10 yuan/mt against the SHFE premium, remaining stable during the week...

[Futures rise first then fall, with spot cargo in the doldrums]: This week, the premium of Shanghai spot cargo was in the doldrums, with the weekly average price decreasing by approximately 25 yuan/mt WoW. As of Friday this week, the discount of common domestic brands against the 2509 contract was 10 yuan/mt, while the premium of the high-priced brand Shuangyan against the 2509 contract ranged from 70 to 100 yuan/mt...