The supply and demand structure of zinc itself cannot determine the trend of zinc prices. Against the backdrop of global macroeconomic growth struggling and the launch of new interest rates, even with zinc's characteristic of "low inventory and no significant surplus," it cannot deviate from the macro environment and "shine alone." Later on, attention should be given to the rhythm of demand recovery; zinc may perform outstandingly due to the rhythm of demand release.Currently, the production and inventory of spiral steel, cold and hot-rolled steel, and inventory consumption are all on a downward trend, especially this week's replenishment actions, which have effectively transferred inventory resources and alleviated the inventory pressure within the factory. However, due to the long holiday, market participants are cautious, and the现货 market before the holiday is stable with no significant changes. After the holiday, attention should be paid to the changes in holidays of peripheral markets during the peak season, as well as the processing factories of special-shaped steel pipes in Shandong, domestic inventory, incoming goods, and post-holiday purchasing. With the overall stable prices of spot goods, some steel traders have gone on vacation, and market transactions continue to decline with little to report. From the market perspective, coke, coking coal, rebars, and hot rolled coils are mainly slightly down, while iron ore is slightly stronger. However, the near-month 10 contracts for screws and coils have dropped by 84 yuan and 122 yuan respectively, which is much greater than the decline in the main contract, indicating that the spot market remains fragile. With just over a week until delivery, the price changes of near-month contracts to some extent reflect the strength of spot prices.