[Demand Still Weak, Galvanising Operating Rate Edges Down]: This week, the operating rate of the galvanising industry was 51.95%, continuing to decline WoW. Raw material side, zinc prices rose significantly this week, procurement costs for galvanising enterprises increased, raw material purchases remained mainly need-based, and enterprises' zinc ingot inventory stayed at a low level.

[Galvanising Operating Rate Edges Up]: The operating rate of the galvanising industry was 55.07% this week, up 1.56 percentage points WoW. Raw material side, zinc prices continued to consolidate at highs this week, with enterprises purchasing mainly on a need-to basis. Zinc ingot inventories at galvanising enterprises edged down.

[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.

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.

[Some Galvanizing Plants Started Holiday Early, Operating Rates Weakened]: 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 ahead of the Labour Day holiday in a timely manner, and zinc ingot inventory at galvanising enterprises increased.

[Stable Production Schedules at Galvanizing Plants, Operating Rates Edged Up Slightly]: The operating rates of galvanising producers stood at 62.38% this week, up 0.25 percentage points WoW. Raw material side, zinc prices fluctuated at highs throughout the week, with downstream buyers mainly restocking on rigid demand. There was no pre-holiday stockpiling sentiment for the time being, and zinc ingot inventory at galvanising enterprises declined slightly.