According to the monitoring of the commodity market analysis system of Shengyi Society, as of January 23, the price of 0 # zinc was 24618 yuan/ton, an increase of 0.89% compared to the zinc price of 24402 yuan/ton on January 19.
After experiencing a sharp rise in zinc prices in the first half of the month, zinc prices have been fluctuating within a range of correction this week, with a clear rebound sentiment.
Macroscopic perspective
At the beginning of the week, the US dollar index weakened, while China’s 2025 GDP data met expectations, jointly boosting market sentiment and supporting zinc prices.
Raw material end
At present, the import window for zinc ore in China is still open, but the number of quotations from import ore traders is relatively small, resulting in the continuous low level of zinc concentrate processing fees. Although the profits of the smelter have been restored, the growth rate of production is relatively limited.
Supply and demand side
The domestic market has entered a low season, and demand is showing a weak trend: as the Spring Festival approaches, downstream industries such as galvanizing have started holiday mode, and market demand has weakened accordingly. Although there has been a certain degree of decline in domestic social inventory later this week, the overall demand support is clearly insufficient, causing the premium of Shanghai spot zinc to continue to hover at a low level. The continuous accumulation of domestic zinc ingot inventory and weakened demand have become the main factors suppressing the price of zinc in Shanghai.
The operating rate of downstream primary processing enterprises has shown a continuous downward trend, influenced by multiple factors such as environmental protection production restrictions, reduced order volume, and high price suppression. The purchasing willingness of enterprises such as galvanizing, die-casting zinc alloy, and zinc oxide has significantly decreased, and the pressure on finished product inventory has continued to rise. As the Spring Festival approaches, downstream enterprises are gradually entering a shutdown mode, and market demand is further weakening.
comprehensive analysis
In the short term, zinc prices may continue to fluctuate. Due to the influence of the Spring Festival holiday, market trading activity is sluggish, and the weak supply-demand pattern is difficult to reverse in the short term.
| http://www.sulfamic-acid.com |