China's national average price of primary zinc (at least 99.995%) under Mysteel's assessment continued its downward slide last week, slipping to Yuan 23,334/tonne ($3,487.3/t) including the 13% VAT as of July 1, a decrease of Yuan 1,517/t on week. The price subsequently fell by another Yuan 251/t over the weekend to hit Yuan 23,083/t as of Monday July 4, a new low since November 22 last year.
Market expectations that the US Federal Reserve will implement another sharp interest-rate hike were still weighing on commodity prices last week, according to a market analyst based in Shanghai.
Regarding the metal's fundamentals, Mysteel's survey showed that the capacity utilization rates of galvanizing mills declined on week, and that producers
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