【Ningbo Refined Zinc Market】SHFE zinc prices traded at relatively low levels early in the week, encouraging some downstream consumers to purchase on a pricing basis. However, as zinc prices rebounded, buyers turned more cautious and largely stayed on the sidelines. Combined with weak overall demand for zinc ingots, spot trading remained sluggish, while traders adopted a more passive selling strategy. As a result, Ningbo spot premiums rose initially before easing later in the week.

【Shanghai Refined Zinc Market】Shanghai spot premiums increased earlier this week. The rise was mainly driven by traders maintaining firm offers following last week's bullish sentiment. However, as warehouse warrants flowed into the Shanghai market and SHFE zinc prices climbed noticeably, downstream buyers became increasingly cautious at higher prices. Spot trading subsequently weakened, leading spot premiums to retreat.

[Traders Continue to Hold Prices Firm, Spot Premiums in Shanghai Rise WoW]: This week, spot premiums in Shanghai moved higher, up 40 yuan/mt WoW from the previous week's average. As of this Friday, ordinary domestic brands were quoted at a premium of 20 yuan/mt against the 2608 contract, while the high-priced brand Shuangyan was quoted at a premium of 160 yuan/mt against the 2608 contract..

[Traders raise spot quotes, market premiums up WoW]: This week, Ningbo spot premiums rose first then fell, with the overall average premium rising by 35 yuan/mt WoW. As of this Friday, Ningbo spot prices against the 2608 contract were quoted at a premium of 25 yuan/mt, and against Shanghai at a premium of 20 yuan/mt. During the week, the premium against Shanghai maintained a fluctuating trend..

[Enterprises resumed normal production, and the operating rate of die-casting zinc alloy rose] The operating rate rose this week mainly because enterprises that had suspended production last week resumed production this week. From the perspective of end-use demand, due to the off-season, the end-user orders for all sectors of die-casting zinc alloy remained weak...

[Galvanizing Operating Rate Edges Down]: This week, the operating rate of the galvanizing industry was 54.86%, down 0.21 percentage points WoW. From the raw material side, zinc prices continued to consolidate at highs this week, combined with weak consumption, enterprises still purchased mostly on a need-to basis, and galvanising enterprises' zinc ingot inventories continued to decline.