Stronger HRC realizations and a higher share of value-added steel helped Jindal Steel offset lower sequential production and rising raw material costs in Q1FY27. As India's steel demand continues to outpace global markets, the company's earnings outlook will depend on capacity ramp-up, domestic steel prices, coking coal costs and import competition.

[Tianjin Zinc: Weak Operating Rates in the North, Poor Zinc Ingot Demand] In the Tianjin market, #0 zinc ingot mainstream transactions were at 24,620-24,790 yuan/mt, Zijin traded at 24,760-24,870 yuan/mt, #1 zinc ingot traded at around 24,620-24,730 yuan/mt. Zijin was quoted at a premium of 20-30 yuan/mt against the 2608 contract, Huzinc was quoted at 26,015 yuan/mt, #0 zinc ingot was quoted at a discount of 60-120 yuan/mt against the 2608 contract, and Tianjin was quoted at a discount of around 95 yuan/mt against Shanghai.

[Ningbo Zinc: Traders' Laid-back Quotes, Downstream Purchasing as Needed] In the Ningbo market, the transaction price for mainstream brand 0# zinc was around 24,665~24,725 yuan/mt. Ningbo conventional brands quoted a premium of 25 yuan/mt against the 2608 contract and a premium of 20 yuan/mt against Shanghai spot cargo. Mainstream players in the Ningbo region were quoting against the 2608 contract...

SMM, July 23 – Today, the market suggested that the online price for secondary refined lead was raised by 75-100 yuan/mt. Some upstream suppliers quoted 15,800 yuan/mt, remaining firm. Spot orders followed market trends, with spot cargoes traded at an ex-factory discount of 30-50 yuan/mt. Downstream consumption remained persistently weak, with resistance to high-priced cargoes, low purchase willingness, and no restocking plans for now. The market mostly adopted a wait-and-see approach, with some enterprises planning to postpone purchases. Market sentiment diverged between buying and selling, with price increases lacking demand support, and spot deals remaining sluggish. Today, the SMM average price of secondary refined lead was reported at 15,700 yuan/mt, a premium of 25 yuan/mt over the SMM #1 lead average price. Supplier shipment sentiment was 0.81, and today's secondary refined lead purchase sentiment was 1.41 (historical data can be accessed by logging into the database).

[Tianjin Zinc: Futures Surge, Market Transactions Light] The mainstream transaction price for #0 zinc ingot in the Tianjin market was 24,570-24,820 yuan/mt, Zijin traded at 24,700-24,910 yuan/mt, #1 zinc ingot traded at around 24,570-24,770 yuan/mt, Zijin was quoted at a premium of 10-30 yuan/mt against the 2608 contract, Huxin was quoted at 26,090 yuan/mt, #0 zinc ingot was quoted at a discount of 60-120 yuan/mt against the 2608 contract, and the Tianjin market was quoted at a discount of about 90 yuan/mt against the Shanghai market

July 21, 2026 Gold prices and silver edged lower at the start of the week as investors weighed renewed geopolitical tensions against rising inflation concerns. Higher oil prices, stronger U.S. Treasury yields and a firmer U.S. dollar pressured precious metals, even as risks surrounding the Strait of Hormuz continued to support demand for safe-haven assets. Gold Faces Headwinds Despite Geopolitical Uncertainty Spot gold traded at around US$4,008 per ounce, slipping modestly from the previous session. Silver proved somewhat more resilient but was also unable to escape the broader market weakness. The current market environment reflects two opposing forces. On one hand, ongoing tensions in the Middle East and concerns over shipping through the Strait of Hormuz continue to underpin safe-haven demand. On the other, higher oil prices are fueling inflation expectations, reinforcing the view that the U.S. Federal Reserve may keep interest rates elevated for longer. Oil markets remained supported by concerns over potential disruptions to energy shipments through the Strait of Hormuz. Brent crude traded above US$73 per barrel, while WTI hovered near US$70 per barrel. At the same time, yields on the 10-year U.S. Treasury climbed to around 4.5%, accompanied by further strength in the U.S. dollar—a combination that traditionally weighs on non-yielding assets such as gold. Gold Remains in a Technical Consolidation From a technical perspective, gold continues to trade within a consolidation pattern. Initial resistance is seen between US$4,200 and US$4,260 per ounce. A sustained move above this zone could open the way toward US$4,350, followed by US$4,500. On the downside, initial support lies near US$4,091, with additional support levels around US$4,000 and US$3,959. Silver is also consolidating. A decisive break above the US$61.33 to US$62.81 range would improve the technical outlook and could pave the way toward US$64–65. Key support levels are currently identified at US$60.69, US$59, and US$58. For now, the gold price remains caught between competing market drivers. Geopolitical uncertainty continues to generate safe-haven demand, while rising energy prices, higher bond yields and expectations of a prolonged restrictive monetary policy continue to limit the upside for precious metals. Source: https://goldinvest.de/en/gold-prices-ease-as-higher-oil-bond-yields-and-fed-expectations-offset-safe-haven-demand