[Die-Casting Zinc Alloy Operating Rates Declined Due to Labour Day Holiday] Although some enterprises received long-term contract deliveries at the beginning of the month, post-holiday zinc price rise suppressed enterprises' raw material purchase willingness, and raw material inventory saw slight destocking this week. Finished product inventories side, affected by enterprise production shutdowns during the Labour Day holiday, combined with moderate end-user restocking after the holiday, alloy plant finished product inventories pulled back somewhat...

[Some Enterprises Started Holiday Early, Die-Casting Zinc Alloy Operating Rates Edged Down] Zinc price center moved lower during the week. End-user hardware enterprises showed improved stockpiling enthusiasm ahead of the holiday, driving down finished product inventories at die-casting zinc alloy plants. Influenced by this, enterprises' willingness to restock at low prices strengthened, and raw material inventories increased accordingly. Demand side, recent garment zipper orders performed relatively well, electronics and auto parts orders also remained stable, but daily hardware demand remained mediocre......

[Luoping Zinc & Electricity's 2025 Annual Report Released] On April 24, Luoping Zinc & Electricity released its 2025 annual report. The report showed that its total zinc ingot production in 2025 was 53,700 mt, up 27.52% YoY, and its total zinc alloy production was 5,000 mt, down 48.52% YoY. In 2026, the company plans to closely track targets, strengthen execution, and optimize processes, striving to produce 60,000 mt of zinc slabs (equivalent to zinc ingots) and 120,000 mt of sulphuric acid for the full year.

[SMM Data: Complete Summary of SMM March 2026 Import and Export Data] SMM March 2026 import and export data showed: copper cathode net imports were lower YoY; primary aluminum imports reached 255,000 mt, up 14.8% YoY; refined lead imports surged significantly; zinc ingot imports were up 220% MoM; tin ore imports were up 122% YoY; silver imports were up 93% MoM; steel exports rebounded MoM; PV module export value was up 122.7% MoM; silicon metal exports were up 43% MoM, and magnesium exports hit a multi-year high. Among new energy materials, exports of LiPF6 and artificial graphite surged significantly.

[High Zinc Prices Weigh on Die-Casting Operating Rates] This week, the operating rate of die-casting zinc alloy producers came in at 50.75%, edging down 2.66 percentage points WoW. Inventory side, the price center of zinc continued to move higher this week, and the elevated price environment dampened downstream purchasing sentiment. Die-casting zinc alloy enterprises showed a notably reduced willingness to purchase, opting mainly to draw down existing stock, with little initiative to restock, and raw material levels declined.

[Latest Data from the General Administration of Customs] In March 2026, China's copper-zinc alloy (brass) bar, rod, and billet export value was $6.2797 million, up 23.24% MoM and up 138.25% YoY. The cumulative export value from January to March 2026 reached $18.0847 million, up 164.78% YoY cumulatively. (HS code 74072111, 74072119, 74072190).

[Latest Data from the General Administration of Customs] In March 2026, China's exports of copper-zinc alloy (brass) bars and rods totaled 740.09 mt in physical content, up 122.98% YoY and up 28.2% MoM. Cumulative exports from January to March 2026 reached 2,078.08 mt in physical content, up 158% YoY (HS codes 74072111, 74072119, 74072190).

According to the latest customs data, China's imports of copper-zinc alloy (brass) bars and rods totaled 2,796.93 mt in physical content in March 2026, up 3.37% YoY and up significantly 107.97% MoM.

[Latest Data from the General Administration of Customs] China's imports of copper-zinc alloy (brass) billet and rod in March 2026 were 2,796.93 mt in physical content, up 3.37% YoY and up 107.97% MoM. Cumulative imports from January to March 2026 were 6,191.8 mt in physical content, down 4.38% YoY (HS code 74072111, 74072119, 74072190).

[Zhuye Group releases 2025 annual report] On April 17, Zhuye Group released its 2025 annual report. The report showed that in 2025, Zhuye Group's total production of zinc and zinc alloys was 659,600 mt, total production of sulphuric acid was 677,100 mt, total production of lead and lead alloys was 105,900 mt, total production of gold was 4,285 kg, and total production of silver was 318.23 mt. Taking into account industry trends and the company's actual conditions, the core product production targets for 2026 balance both growth and efficiency: zinc and zinc alloy production of 645,000 mt, lead and lead alloy production of 100,000 mt, mine raw ore production of 860,000 mt, gold production of 4.2 mt, and silver production of 300 mt.