【East China Refined Zinc Market】According to SMM, as the week drew to a close, intraday zinc futures rebounded from lows in the morning. Having built up ample raw material inventories via earlier bulk purchases, downstream enterprises submitted fewer inquiries and purchase orders on the day, leading to a month-on-month slowdown in overall market transactions.

【East China Refined Zinc Market】According to SMM, intraday zinc futures prices tumbled below 24,500 RMB/ton in the morning. Downstream enterprises actively made purchases on dips, driving a notable improvement in spot trading activity across East China and a concurrent rise in spot premiums.

[Refined Zinc Market] According to SMM data, social inventory of zinc ingots in east China continued to accumulate. The market had ample overall supply with a large number of traders making shipments. However, zinc futures prices fluctuated, and coupled with weakening off-season orders from downstream zinc consumers, refined zinc consumption in the east China market performed poorly.

[East China refined zinc market] According to SMM, zinc ingot inventory in east China remained elevated, with ample overall supply in the market. However, downstream zinc consumption was gradually weakening. Coupled with zinc futures prices fluctuating at highs during the week, spot zinc ingot transactions in the market performed poorly.

As of May 26, the Shanghai-LME zinc price ratio stood at 6.97, continuing its downward trend from 7.4 recorded in late March, which has led to a widening import loss of refined zinc ingots in China. According to calculations by Shanghai Metals Market (SMM), the current import loss of China’s refined zinc ingots has expanded to approximately RMB 3,800 per metric ton of metal.

[Peru's "Gas Shortage" Energy Crisis Disrupts Zinc Concentrates Supply] Due to a rupture in Peru's natural gas pipeline (Megantoni district, Cusco province), the country fell into a "gas shortage" predicament, with electricity production and fuel supply severely affected. State-owned oil company Petroperú plunged into a serious financial crisis, and Peru is facing a severe nationwide energy crisis.