Amidst the backdrop of global macroeconomic growth stagnation and deflationary pressures, even zinc, with its characteristic of "low inventory and no significant surplus," cannot remain isolated and "flourish alone" against the broader macro environment. Later on, attention should be given to the pace of demand recovery. Zinc may stand out due to the timing of demand release.Currently, the production and inventory of screw threads, cold and hot rolling, and stock depletion are all on a downward trend, especially this week's replenishment actions, which effectively transferred inventory resources and relieved internal inventory pressure. However, due to the long holiday, market players are cautious, and the现货 market before the holiday is mainly stable, with no significant changes. Post-holiday, attention should be paid to changes in holidays in peripheral markets during the peak period, as well as the processing factory of non-standard steel pipes in Shandong, domestic inventory and delivery situations, and post-holiday purchasing. With the overall stable prices of spot goods and some steel traders on holiday, market transactions continue to decline, with little to report. From the market perspective, coking coal, coke, rebars, and hot rolled coils have all seen slight declines, with iron ore being slightly stronger. However, the near-month 10 contracts for screws and coils have dropped by 84 and 122 yuan respectively, far greater than the decline in the main contract, indicating that spot prices remain fragile. With just over a week until delivery, the price changes of near-month contracts to some extent reflect the strength of spot prices. Iron ore has basically seen horizontal fluctuations over the past week, with no significant gains or losses. However, coking coal has basically implemented a 100 yuan increase, pushing up steel mill costs further. Due to high coal prices overseas and a significant price gap, the energy input inflationary pressure caused by the energy crisis remains substantial. Additionally, with little profit margin for coking plants, the cost support for carbon element raw materials is strong.