Tianjin Zinc: Downstream Pricing and Cargo Pick-up Increase as Holiday Approaches [SMM Midday Commentary]

SMM, September 30: In the Tianjin market, mainstream transactions for #0 zinc ingot were at 26,370-26,620 yuan/mt, Zijin transactions were at 26,690-26,820 yuan/mt, and #1 zinc ingot transactions were around 26,320-26,460 yuan/mt. Zijin was quoted at a premium of 200 yuan/mt against the 2611 contract, while Huxin was quoted at 28,045 yuan/mt. #0 zinc ingot was quoted at a premium of 50 yuan/mt to a discount of ~0 yuan/mt against the 2611 contract, and the Tianjin market was quoted at a discount of 25 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin was at a premium of around 200 yuan/mt against the 2610 contract. In the Tianjin region, the purchasing sentiment for refined zinc was 1.85, and the selling sentiment was 2.21. Futures maintained a fluctuating trend. With the holiday approaching, downstream point-price stockpiling increased, and traders were not active in selling as the holiday neared. Due to limited market supply, premiums edged up, and overall market transactions improved compared with yesterday.