Ahead of the Labour Day holiday, SMM surveyed galvanising enterprises on their holiday arrangements. This survey covered 27 galvanising enterprises with a total capacity of 20.10 million mt. According to SMM, some enterprises will take 1-13 days off during the Labour Day holiday, while others will maintain normal production without any break, with an estimated total impact on zinc consumption of approximately 5,785 mt.

As the Labour Day holiday approaches, SMM communicated with galvanized sheet enterprises regarding their holiday arrangements. The survey covered 20 galvanized sheet enterprises with a combined capacity of 17.06 million mt/year, affecting zinc consumption of 243 mt

Premiums in the Tianjin region have consistently remained at a discount. How will premiums trend going forward?

[China's Mediocre Performance in Consumption, SHFE Zinc Maintained Fluctuating Trend]: The most-traded SHFE zinc 2605 contract opened at 23,670 yuan/mt. SHFE zinc edged up at the beginning of the session, touching a high of 23,810 yuan/mt before pulling back to near the daily average line. During the session, SHFE zinc dipped to a low of 23,665 yuan/mt, then moved sideways around the daily average line, ultimately closing higher at 23,715 yuan/mt, up 55 yuan/mt.

[US Dollar Index Pulled Back, SHFE Zinc Rose Intraday]: The most-traded SHFE zinc 2605 contract opened at 23,720 yuan/mt. After the opening, SHFE zinc fluctuated higher, hitting an intraday low of 23,645 yuan/mt and touching a high of 23,800 yuan/mt near the close. It finally settled up at 23,790 yuan/mt, gaining 80 yuan/mt or 0.34%.

[How Should Zinc Consumption Be Viewed Against the Backdrop of Geopolitical Conflicts?] Q1 2026 had passed, and the overall recovery in post-holiday consumption was somewhat delayed. How would consumption perform going forward?