The SMM Imported Zinc Concentrate Index for this week is $92.5/dmt, with a 2.44% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-90/dmt, down by 12.5% WoW.

[awaiting more macro guidance shfe zinc fluctuates]: the most-traded SHFE zinc 2510 contract opened at 22,260 yuan/mt. At the start of the session, SHFE zinc fluctuated considerably around the daily average with bears reducing positions. By the end of the session, the price center moved up and closed at 22,275 yuan/mt, an increase of 35 yuan/mt or 0.16%. Trading volume increased to 88,665 lots, while open interest decreased by 2,634 lots to 108,000 lots.

[Some Companies Resume Normal Production, Die-Casting Zinc Alloy Operating Rates Rise This Week] The operating rate of die-casting zinc alloy this week was 50.46%, up 2.85 percentage points WoW. Raw material side, the center of zinc prices fluctuated downward this week, and downstream restocking at lower prices led to an increase in raw material inventory...

[Production Declines Due to Parade Impact Zinc Oxide Operating Rates Fall This Week] This week, the operating rate of zinc oxide recorded 55.89%, down 1.06 percentage points WoW. Raw material side, the center of zinc prices pulled back this week, and zinc oxide enterprises made small purchases, with raw material inventory increasing MoM...

[Mid-week recovery in transactions failed to offset increased market supply, spot premiums/discounts in Guangdong maintained fluctuating trend WoW] This week, the premiums and discounts in the Guangdong area decreased by around 5 yuan/mt compared to last week. As of this Friday, the main 0# zinc quotations in the Guangdong area were at discounts of -90~-40 yuan/mt, with the Shanghai-Guangdong price spread widening...

[Expectations for interest rate cut keep changing, zinc price center under pressure this week] At the beginning of the week, influenced by the continued sentiment of a weak US dollar, prices edged up slightly; subsequently, the US Fed released the July meeting minutes with a hawkish tone, and most officials supported delaying an interest rate cut. The US dollar index rebounded, putting pressure on the metal market, and LME zinc came under pressure.

[SHFE/LME price ratio at low level, imported zinc ore transactions remain quiet] This week, domestic zinc concentrate TCs remained stable, while imported zinc concentrate TCs increased MoM. Specifically, the SMM Zn50 domestic weekly TC average remained unchanged at 3,900 yuan/mt in metal content, and the SMM imported zinc concentrates index rose by $2.2/dmt to $92.5/dmt.

[SHFE/LME zinc price ratio continues to fluctuate around 8.0, zinc ingot import window remains closed] This week, the SHFE/LME zinc price ratio continued to fluctuate around 8.0, and the zinc ingot import window remained closed. Overseas, the minutes of the US Fed's July meeting indicated that most people believed inflation posed a higher risk than employment. Under hawkish signals, the market began to worry about the pace of interest rate cuts, leading to weaker sentiment and a downward shift in the LME zinc price center.

[Ample Zinc Ingot Supply Continues Spot Discounts]: This week, spot discounts in Ningbo remained at low levels, basically flat WoW. As of Friday, spot prices against the 2509 contract were at a discount of 50-20 yuan/mt, and on parity with SHFE, with premiums against SHFE remaining stable during the week...

[SHFE Futures Declined Significantly, Spot Discounts Narrowed Slightly]: This week, spot discounts in Shanghai narrowed slightly, increasing by around 10 yuan/mt WoW. As of Friday, domestic brand spot cargo was at a discount of 10 to 0 yuan/mt against the 2509 contract, while the premium brand Shuangyan was at a premium of 100 yuan/mt against the 2509 contract...