According to the monitoring of the commodity market analysis system of Shengyi Society, as of February 14th, the price of 0 # zinc was 23970 yuan/ton, a slight increase of 1.01% compared to the zinc price of 23730 yuan/ton on February 1st.

This week’s market analysis

This week, zinc prices fell in the early stage, fluctuated and adjusted in the middle stage, and rose over the weekend. At the macro level, the Trump administration recently announced the resumption of tariffs on imported goods, raising concerns in the market about the escalation of global trade frictions. This macro bearish trend continues to affect the commodity market, particularly exerting significant pressure on the upward potential of zinc prices.

Inventory end

This week, during the Chinese Spring Festival holiday in 2025, the accumulated social inventory of zinc ingots only reached 65% of the expected value, and the low inventory pattern exceeded the market prediction.

Demand side

There is support on the demand side. As downstream galvanized sheet and die-casting zinc alloy enterprises speed up production after the Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival) Festival, stock replenishment is expected to continue to strengthen, forming a strong price support effect.

comprehensive analysis

After the holiday, the trend of zinc prices showed a trend of first suppressing and then rising. In the early stages, influenced by macro negative sentiment, zinc prices experienced a certain degree of decline. But subsequently, as fundamental factors gradually emerged and market concerns about global trade tensions eased, zinc prices began to rise. Afterwards, the zinc price fluctuated and consolidated within a certain range, forming a relatively stable trend. The actual demand recovery still takes time and is not fully in place yet. Zinc prices lack sufficient upward momentum in the short term, and the upward space is limited.