Tianjin Zinc: Actual Consumption Moderate, Downstream Inquiries Limited [SMM Midday Comment]

SMM, August 14: In the Tianjin market, #0 zinc ingot was mainly traded at 25,440-25,660 yuan/mt, Zijin traded at 25,560-25,740 yuan/mt, and #1 zinc ingot traded near 25,430-25,610 yuan/mt. Zijin was quoted at a premium of around 10-20 yuan/mt against the 2609 contract, Huxin was quoted at 26,845 yuan/mt, #0 zinc ingot was quoted at a discount of roughly 60-1,210 yuan/mt against the 2609 contract, and the Tianjin market was quoted at a discount of around 65 yuan/mt against the Shanghai market. As of the midday close, the high-end Zijin brand was at a premium of around 10-20 yuan/mt against the 2609 contract, and Xikuang was quoted at a discount of 70 yuan/mt against the 2609 contract on a delivered basis. Today, refined zinc purchasing sentiment in Tianjin was 1.77 and shipment sentiment was 2.53. Zinc prices were still high, downstream buyers barely made inquiries, exports led to destocking, actual consumption showed little improvement, trading was mainly by traders, and traders' shipment premiums held steady. Overall market trading was moderate today.