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  Zinc/Lead Market Weekly Updates - 2025/8/15

  The SMM Imported Zinc Concentrate Index for this week is $90.3/dmt, with a 9.79% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-80/dmt, down by 23.08% WoW.

• The time window for production restrictions shortens, upside room for futures prices limited [SMM Weekly Report on Steel Industry Chain]

  This week, the ferrous metals series continued its trend of rising first and then falling. In the first half of the week, news about safety inspections and production restrictions of coking coal and coke led to a sharp increase in coking coal and coke prices, driving a rebound in the ferrous metals series from low levels. In the second half of the week, the market's expectation that new coal mine safety regulations would lead to the closure of small and medium-sized coal mines did not materialize. Coupled with an increase in transaction fees and the expectation that the Dalian Commodity Exchange (DCE) would cool down the coking coal market, the follow-up market trend ended, and the futures market experienced a deep correction. In the spot market, transactions were moderate in the first half of the week, but most were driven by speculative demand for calendar spreads, while end-user demand remained in the off-season...

• BC copper 2509 closed lower amid volatility, with SHFE copper price spread remaining inverted [SMM BC Copper Commentary]

• The pattern of stable supply and weak demand remains unchanged, and the total inventory of construction materials is expected to continue accumulating next week

  This week, the total inventory of rebar was 5.5104 million mt, increasing by 276,200 mt WoW, with a WoW growth rate of 5.28% (previous value: +1.97%). Compared to the same period of the lunar calendar last year, it decreased by 550,200 mt, with a decrease rate of 9.08% (previous value: -18.51%).

• SHFE zinc maintains fluctuating trend, waiting for macro guidance [SMM zinc futures brief comment]

  [SHFE zinc maintains fluctuating trend, awaiting macro guidance]: The most-traded SHFE zinc 2510 contract opened at 22,560 yuan/mt. After opening, SHFE zinc fluctuated lower below the daily average line, reaching a low of 22,485 yuan/mt. Entering the afternoon session, SHFE zinc rebounded from the lows, touching a high of 22,580 yuan/mt, before pulling back from highs to near the daily average line. It eventually closed lower at 22,530 yuan/mt, down 40 yuan/mt or 0.18...