MYSTEEL: China zinc price hits 1-year low amid weak demand

China's national average price of primary zinc (at least 99.995%) under Mysteel's assessment plummeted last week, falling Yuan 1,537/tonne ($227.5/t) on week to hit Yuan 22,439/t including the 13% VAT as of July 15, a new low since July 16 last year. The price subsequently recovered part of the loss this week, rising by Yuan 625/t from last Friday to reach Yuan 23,064/t as of Thursday July 21.

The sharp drop in the zinc price was mainly due to the persisting weak demand from downstream users such as zinc-based alloy producers and zinc oxide makers, Mysteel Global learned. For example, the end-users of zinc-based alloys including producers of hardware and car accessories were cautious about restocking raw materials