[SMM Zinc Morning Brief: Low LME inventory keeps LME zinc consolidating at highs]: Overnight LME zinc opened at $3,737/mt, drifted lower at the start to a low of $3,708.5/mt, then stopped falling and rebounded to a high of $3,752/mt. Gains narrowed in late trading, and it finally closed at $3,734.5/mt, down $1/mt, or 0.03%. Trading volume decreased to 10,410 lots, and open interest rose by 2,790 lots to 250,000 lots.

On August 11 China's steel export prices were mixed. Most flat-product export prices held flat day on day with some edging up 1 USD/tonne, and HRC transactions were at 482-485 USD/tonne; enquiries still showed no clear pick-up in volume, low prices could win some business while current offers largely failed to secure firm deals. Billet export FOB prices were steady, with Jiangyin port offers at 450-455 USD/tonne, as Chinese exportoffers hold little advantage against those of major overseas exporting mills and there is limited room to concede further. Rebar export offers at Tianjin port fell 2 USD/tonne with transactions at 472-477 USD/tonne; overseas enquiries improved slightly, demand from Africa and Israel was relatively strong and a few mills sold at concessionary prices, but overall trading was ordinary.

[Ore Side: Overseas Market Strong, Spot Steady; Inquiries Recover but Transactions Need to Follow Up] August 11, 2026 – Ferrochrome and chrome ore markets fluctuated slightly...

[Tianjin Zinc: Futures Consolidate at Highs, Downstream Cautious Purchasing] In the Tianjin market, #0 zinc ingot mainstream traded around 25,420-25,660 yuan/mt, Zijin traded at 25,550-25,740 yuan/mt, #1 zinc ingot traded around 25,420-25,600 yuan/mt. Zijin was quoted at a premium of around 10-30 yuan/mt against the 2609 contract, Huxin quoted at 26,810 yuan/mt, #0 zinc ingot was quoted at a discount of around 50-120 yuan/mt against the 2609 contract, and the Tianjin market was at a discount of around 85 yuan/mt against the Shanghai market.

[SMM Cast Aluminum Alloy Morning Comment: Limited Boost from Futures, Market Continues Steady Consolidation] Yesterday, ADC12 market quotations remained broadly stable, with the industry generally lacking willingness to adjust prices. Recently, futures have strengthened, and inquiry activity from spot-futures traders has rebounded somewhat. However, constrained by weak end-use demand, spot cargo transaction volumes saw limited expansion, and price follow-through lacks substantial support. Meanwhile, the cost side still provides bottom support—prices are under pressure both upward and downward, leaving the overall market in a wait-and-see mode. In the short term, ADC12 prices are expected to continue steady consolidation.

[SMM Zinc Morning Meeting Minutes: LME Inventory Still Low, LME Zinc Consolidates at Highs]: Overnight, LME zinc opened at $3,711/mt, drifted lower in early trading, and hit a low of $3,687/mt during European trading hours. Then, as bears reduced their positions, LME zinc drifted higher, reaching a night session high of $3,745.5/mt, and finally closed up at $3,735.5/mt, gaining $37.5/mt or 1.01%. Trading volume dropped to 11,048 lots, and open interest decreased by 6,595 lots to 247,000 lots.

[Flat Products] Today some HRC and other flat-product export prices were steady day on day, with HRC transaction prices at 482-485 USD/tonne. Traders reported that trading and enquiries were fairly muted today, with no clear pick-up in volume. [Billet] Today billet export FOB prices were steady to soft, with Jiangyin port offers at 450-455 USD/tonne. According to feedback, billet export enquiries increased slightly today, but competition is fierce and buyers are pressing their target prices down hard, making deals difficult to conclude. [Rebar] Today rebar export offers at Tianjin port were steady, with overall transaction prices at 474-480 USD/tonne. According to exporters, enquiries from overseas traders for rebar, wire rod and coil improved slightly today, but the market's acceptance of higher prices is low and there is a strong inclination to bargain down, leaving trading weak.

[SMM Steel] The market reports that for October shipment, the FOB selling price for cold-rolled coil DC01, size 1.0*1250*C, is $550/mt, with the port of shipment being Tianjin port.

The lowest monthly rental price for H100 in western China rebounded to 73,000 yuan (up 1.39%), the lowest hourly rate rose to 12.67 yuan, and the bargain-hunting window narrowed; the highest prices for A800 in Beijing-Tianjin-Hebei remained at 33,000 yuan/5.73 yuan, trading sideways. Spot cargoes are king, and newly released resources are riding the wave; at the end of the year, data centers in Fujian will release over 30 H100 SXM units, and if supply remains tight, prices may stay high or even rise.

[Tianjin Zinc: Zinc Prices Remain High, Market Transactions Slack] In the Tianjin market, mainstream traded prices for #0 zinc ingot were 25,340-25,520 yuan/mt, Zijin traded at 25,470-25,630 yuan/mt, #1 zinc ingot traded around 25,340-25,480 yuan/mt, Zijin reported a premium of around 10-40 yuan/mt against the 2609 contract, Huxin was quoted at 26,805 yuan/mt, #0 zinc ingot reported a discount of around 70-120 yuan/mt against the 2609 contract, and the Tianjin market was quoted at a discount of around 85 yuan/mt against the Shanghai market.