Downstream Procurement Largely on an As-Needed Basis, Spot Cargo Transactions Were Lackluster During the Week [SMM Shanghai Spot Weekly Review]

SMM April 10: Spot premiums in Shanghai fluctuated at lows this week, with the weekly average price up 10 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at a discount of 50-40 yuan/mt against the 2605 contract, while the premium brand Shuangyan was quoted at a premium of 40-60 yuan/mt against the 2605 contract. There were more traders making shipments in the Shanghai market this week. As SHFE zinc prices fluctuated at highs during the week, downstream enterprises in east China mostly adopted a wait-and-see approach. Spot purchases of zinc ingots were basically on an as-needed basis during the week, and spot trades were mostly among traders, with overall mediocre performance in transactions. Spot premiums are expected to fluctuate next week.