[High prices suppress downstream demand Die-casting operating rates continue to decline] Zinc prices hit a one-year high during the week, with end-users showing significant fear of high prices and low purchase willingness. Order demand slowed down across sectors, while some enterprises reported that under high-price pressure, terminal hardware factories are expected to begin holidays early...

SMM's monthly base metal production data is scheduled for release at each month-end, aiming to uncover the true fundamentals from the ground up, helping industry chain professionals and investors see through the illusions of the capital market and grasp the future trends of the nonferrous metal market more clearly.

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

In August 2025, SMM's refined nickel production rose 7% MoM and 21% YoY, with cumulative growth reaching 26% YoY. The operating rate of domestic refined nickel producers stood at 66%. Top-tier enterprises saw higher operating rates, while other smelters maintained stable output, leading to an overall production increase.