MYSTEEL: China zinc price bottoms out but lacks momentum

China's national average price of primary zinc (at least 99.995%) under Mysteel's assessment rebounded strongly last week from the previous slump to reach a one-month high of Yuan 24,695/tonne ($3,650.9/t) including the 13% VAT as of August 1, an increase of Yuan 1,558/t or 6.7% on week.

Supplies of zinc concentrates from miners at home and abroad were insufficient last week so many domestic zinc smelters maintained low capacity-utilization rates, both of which provided some support for the price of primary zinc, according to a market analyst based in Shanghai. However, the price has failed to increase