Guangdong zinc: Downstream companies restocked only as needed [SMM Midday Review]

The mainstream transaction price of Guangdong 0# zinc was 24,280-24,464 yuan/mt, with mainstream brands quoting a discount of 105-110 yuan/mt against the 2408 contract and a premium of 0 yuan/mt over Shanghai spot prices. The Shanghai-Guangdong price spread moved rangebound. Initially, sellers quoted brands such as Qilin, Huize, and Mengzi at a discount of 0-5 yuan/mt against the price for the next month. Zinc prices were high, and there were no transactions at premiums. Downstream purchases were mainly based on rigid demand, with limited transactions among traders. Later, Qilin and Mengzi brands quoted a discount of 105-110 yuan/mt against the 2408 contract. Market quotations were relatively stable, downstream producers engaged in bargain hunting, and overall transactions were sluggish.