Spot Premiums in Guangdong Rose This Week, Expected to Remain Range-Bound at Low Levels Subsequently [SMM Guangdong Spot Weekly Review]

SMM February 7 News: This week, spot premiums in Guangdong rose slightly, up 15 yuan/mt WoW from the weekly average price before the Chinese New Year holiday. As of this Friday, mainstream quotations for 0# zinc in the Guangdong market against the 2503 contract were quoted at premiums of 0~50 yuan/mt, and the Shanghai-Guangdong price spread narrowed to 50 yuan/mt. This week, downstream enterprises in Guangdong gradually resumed operations, and the slight pullback in zinc prices during the week prompted limited procurement by enterprises. Although inventories in Guangdong warehouses increased during the Chinese New Year holiday, the inventory buildup was less than last year and expectations. Some traders in the market quoted higher premiums, but with inventories gradually increasing and downstream enterprises resuming operations, spot premiums in Guangdong are expected to fluctuate at low levels next week.

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