[Resumption recovery, operating rates of galvanising producers rise]: This week's operating rate of galvanising producers was 54.56%, up 3.03 percentage points WoW. Raw material side, zinc prices rebounded this week. Downstream players primarily stayed on the sidelines, mainly picking up previously priced zinc ingots, while zinc ingot inventories at galvanising enterprises edged up. The operating rate rebound was mainly because some galvanising plants were closed for the Dragon Boat Festival last week, causing a sharp decline in operations, while this week they all resumed normal production, pushing the rate back up.

[Futures Zinc Prices Consolidate, Spot Transactions Subdued During the Week]: This week, Shanghai spot premiums maintained a fluctuating trend, with the weekly average price up 20 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at a discount of 60 yuan/mt against the 2608 contract, while high-priced brand Shuangyan was quoted at a premium of 100 yuan/mt against the 2608 contract..

[SMM Morning Meeting Summary: ADP Data Below Expectations, LME Zinc Maintains Fluctuating Trend] Overnight, LME zinc opened at $3,542/mt. In early trading, the price briefly touched a high of $3,551.5/mt; subsequently, the futures came under pressure and pulled back, dipping to $3,476/mt during the session. Entering the night session, LME zinc rose above the daily average line; however, lacking upward momentum, it then drifted lower, slowly moving lower towards the close, finally closing down at $3,492/mt, down $59.5/mt, a decline of 1.68%. Trading volume decreased to 97,682 lots, while open interest increased by 3,263 lots to 266,000 lots.

[SMM Flash] On July 1, SHFE announced that, with immediate effect, it has approved the "JL" brand zinc ingots (spec: ZN99.995) produced by Nandan Jilang Indium Co., Ltd. for registered delivery. The registered capacity of the zinc ingots is 100,000 mt, at the standard price.

[SMM Morning Meeting Note: LME Zinc Sees a Large Bullish Candlestick, Daily Candlestick Center Rises] Last night, LME zinc recorded a large bullish candlestick, with the lower Bollinger Band providing support. The US dollar index first rose then fell, and inventories outside China continued to decline, supporting LME zinc's center to edge up. Last night, SHFE zinc recorded a bullish candlestick, with the lower Bollinger Band providing support from below and the middle band acting as resistance. Currently, domestic TC is low, and China's zinc ingot production in July is expected to continue to decline, supporting SHFE zinc to rise. However, end-use consumption limits the upside of prices.

As of June 30, the most-traded SHFE zinc contract closed at 24,350 yuan/mt, down 615 yuan/mt for the month, a decline of 2.46%. June saw SHFE zinc retreat from highs, touching a high of 25,355 yuan/mt early in the month and a low of 23,720 yuan/mt at month-end, with the overall price center pulling back. Entering July, the ore tightness situation in China persists; how will zinc prices perform?

[China Zinc Ingot Sees Slight Destocking, but Price Rise Faces Certain Obstacles] The most-traded SHFE zinc 2608 contract opened at 24,310 yuan/mt. After opening, SHFE zinc moved sideways above the daily average, dipping to 24,285 yuan/mt during the session. Near the close, bears reduced positions, and SHFE zinc consolidated to touch a high of 24,505 yuan/mt. It finally settled up at 24,470 yuan/mt, gaining 70 yuan/mt or 0.29%. Trading volume decreased to 72,207 lots, and open interest decreased by 5,987 lots to 102,000 lots.....

[Shanghai Refined Zinc Market] Spot discounts for zinc ingot in Shanghai narrowed gradually this week. As SHFE zinc prices fell to lower levels, downstream enterprises showed strong buying sentiment and actively made purchases at favorable price points. Spot transactions in the Shanghai market improved significantly, driving zinc ingot premiums higher.

According to SMM understanding, on June 23, 2026, the Hezhang County People's Government and Guizhou Dingshengxin Zinc & Germanium New Materials Co., Ltd. officially signed the "Investment Contract for the Green Manufacturing Project of Guizhou Dingshengxin Zinc & Germanium New Materials." The project has a total approved investment of 5.5 billion yuan and is designed to produce 220,000 mt of zinc ingots per year (including 100,000 mt of high-end zinc alloy new materials for die casting and galvanizing), 80,000 mt of lead ingots, along with the recovery of rare and precious metals such as germanium ingots, silver ingots, and refined cadmium, as well as a supporting sulfuric acid production system with an annual output of approximately 580,000 mt of sulfuric acid.

[SMM Morning Meeting Summary: LME Zinc Center Shifts Downward Under Expectations for US Fed Interest Rate Hikes] Overnight, LME zinc recorded a large bearish candlestick, the lower Bollinger Bands provided support. Expectations for US Fed interest rate hikes increased, non-ferrous metals and global stock markets fell, the US dollar remained firm...