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The initiative aims to sharply lower levels of PM2.5 in three years, reduce the number of heavy-polluted days and improve air quality. Key sectors targeted in the initiative include steel, thermal energy and construction materials, with crackdowns on illegal small plants that fail to abide by local industrial layout plans and that lack pollution treatment facilities.
Adequate supplies in Shanghai weighed on spot zinc premiums, and downstream consumers purchased as needed. Zinc prices dropped as intensified environmental probes depressed consumption in the low season.
The import window for zinc is unlikely to reopen in late June as the yuan depreciates. The import window opened briefly in the middle of the month. Import losses will widen if the yuan continues to weaken against a strong US dollar. The yuan has declined since the middle of April as US-Sino trade tension grew. As of June 21, the yuan stood at 6.47 against the US dollar.
