SHFE Zinc Prices Fluctuated at Highs During the Week, Spot Trades Subdued [SMM Shanghai Spot Weekly Review]

SMM April 24 News: This week, spot premiums in Shanghai held steady, basically flat WoW on an average price basis. As of Friday, ordinary domestic brands were quoted at a discount of 30-20 yuan/mt against the 2605 contract, while the high-priced brand Shuangyan had no quotations against the 2605 contract. This week, zinc ingot inventory in Shanghai continued to accumulate, but traders in the market were reluctant to ship at low prices, keeping spot premiums relatively firm during the week. In addition, with some zinc ingots from low-priced smelters being delivered into the east China market, downstream enterprises purchased according to orders, and trading in the Shanghai spot market was somewhat sluggish. As downstream demand emerges during the Labour Day holiday stockpiling period, spot premiums are expected to edge up next week.