[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?

[Weakening Consumption, Declining Operating Rates of Galvanising Producers]: The operating rate of the galvanizing industry was 59.82% this week, down 0.37 percentage points WoW. Raw material side, zinc prices fluctuated at highs this week. Downstream buyers restocked on dips for rigid demand only, without large-scale stockpiling. Zinc ingot inventory of galvanising enterprises edged up.

[Galvanizing Plants All Resumed Operations, Operating Rates Rose Sharply]: The operating rates of galvanising producers stood at 60.19% this week, up 12.43 percentage points WoW. Raw material side, zinc prices surged this week, downstream purchase willingness remained low, and zinc ingot inventory at galvanising enterprises declined notably.

[Many Galvanizing Plants Shut Down for Labour Day Holiday, Operating Rate Weakened]: The galvanizing industry's operating rate was 47.76% this week, down 13.45 percentage points WoW. Raw material side, zinc prices surged this week, and downstream purchase willingness was low, but some long-term contract deliveries arrived, and zinc ingot inventory at galvanising enterprises edged up.

The operating rates of galvanising producers this week were 61.21%, down 1.17 percentage points WoW. Raw material side, zinc prices pulled back to levels more acceptable to downstream this week. Downstream players stockpiled for the Labour Day holiday in a timely manner, and zinc ingot inventory at galvanising enterprises increased.