WEEKLY: China's zinc prices slump on macro-economy concerns

China's national average price of refined zinc ingot (at least 99.995%) under Mysteel's assessment stood at Yuan 19,892/tonne ($2,814/t) including the 13% VAT as of May 24, falling by a large Yuan 1,232/t or 5.8% from May 16. The price also hit a new low since October 21 2021.

Intensifying market concerns about the global economic recovery were mainly to blame for the price slump, according to market sources. "Bearish sentiment has pervaded the market, as recently released manufacturing data for Europe and US was weaker than expected," a market analyst based in Shanghai remarked. "In addition, the US