[Weak Consumption and Subdued Operating Rates of Galvanising Producers]: The operating rate of the galvanising industry was 58.33% this week, down 1.49 percentage points WoW. Raw material side, zinc prices fluctuated at highs this week, downstream buyers restocked on rigid demand at low prices, mainly to digest inventories, and galvanising enterprises' zinc ingot inventories declined notably.

[Consumption Weakens, Operating Rates of Galvanising Producers Continue to Decline] The operating rate of galvanising producers was 57.73% this week, down 0.6 ppt WoW. Raw material side, zinc prices fluctuated at highs this week. Downstream users restocked on rigid demand, mainly through long-term contracts, with few point-price purchases. Zinc ingot inventory at galvanising enterprises edged down.

Zinc calcine processing fees edged down in May—how will they trend in June?

[Weakening Consumption, Operating Rates of Galvanising Producers Continued to Decline]: The operating rate of the galvanizing industry was 58.33% this week, down 1.49 percentage points WoW. Raw material side, zinc prices fluctuated at highs this week, and downstream players restocked on dips for rigid demand, mainly to digest inventories, with zinc ingot inventories of galvanising enterprises declining notably. The decline in operating rates was mainly due to the onset of the consumption off-season, compounded by rainfall in multiple regions, which weakened end-use demand and led to a notable drop in galvanizing orders.

As May draws to a close, the Tianjin zinc ingot market exhibited operational characteristics of "stable supply, constrained consumption, and elevated inventory." Entering June, the market widely expects the oversupply to be difficult to reverse, with evident signs of weakening downstream consumption. Premiums are expected to remain in the doldrums going forward.

According to SMM, zinc slag payables pulled back slightly but remained at highs seen in recent years. What were the reasons? How will they trend going forward?