MYSTEEL: China's zinc price keeps falling

China's national average price of zinc ingot (at least 99.995%) under Mysteel's assessment stood at Yuan 26,395/tonne ($3,923/t) EXW including the 13% VAT as of May 9, down Yuan 1,243/t from May 5, China's first working day after the Labour Day holiday, and Yuan 1,409/t from April 29. Despite the falls, limited output and tight zinc concentrate supply ensured that the price remained near its 15-year high, market watchers said.

Zinc prices kept falling for four consecutive trading days post the five-day holiday, mainly due to macro-economic factors, according to a market analyst based in Shanghai. "The recurring COVID-19 pandemic across the country, coupled with concerns about global economic recession and interest hikes announced by the US Federal Reserve, resulted