[This week, the zinc price on both SHFE and LME maintained a fluctuating trend due to the resonance between fundamental and macro front factors] At the beginning of the week, influenced by the lingering market uncertainties, LME zinc continued its fluctuating trend from last week; subsequently, Moody's downgraded the US credit rating from Aaa to Aa, ending its highest rating for the US since 1917, which intensified market concerns. Meanwhile, Bostic reiterated his preference for one interest rate cut this year, and LME zinc declined amidst the sentiment-driven and low interest rate cut expectations...
[Zinc Oxide Operating Rates Decline Due to Plant Maintenance] This week, the operating rate of zinc oxide was recorded at 62.03%, down 0.38% WoW. The decline in operating rates was mainly due to plant shutdowns for maintenance by some enterprises during the week. On the raw material side, zinc prices maintained a fluctuating trend this week, with some enterprises purchasing small quantities at low prices, leading to a slight increase in inventory...
[SMM Coke and Coking Coal Inventory] Coke inventory at coking enterprises was 348,000 mt this week
[SMM Coke and Coking Coal Inventory: Coke inventory at coking plants this week was 348,000 mt] Coke inventory at coking plants this week was 348,000 mt, up 39,000 mt or 12.6% WoW. Coke inventory at steel mills was 2.636 million mt, down 39,000 mt or 1.5% WoW. Coke inventory at ports was 1.47 million mt, down 10,000 mt or 0.7% WoW. Coking coal inventory at coking plants was 2.576 million mt, down 52,000 mt or 2.0% WoW.
Fewer arrivals during the week, spot premiums/discounts rose [SMM Guangdong Spot Weekly Review]
[Less Arrivals During the Week, Spot Premiums/Discounts Rise] This week, premiums/discounts in the Guangdong region rose slightly, increasing by approximately 15 yuan/mt WoW. As of Friday this week, the mainstream 0# zinc quotations in the Guangdong market were at premiums of 350~390 yuan/mt against the market, and the Shanghai-Guangdong price spread narrowed...
Data: SHFE, DCE market movement (May 23)
The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 23 May, 2025