Tianjin Zinc: Downstream Remains Cautious, Overall Transactions Are Average [SMM Midday Review]

SMM, February 21: In the Tianjin market, mainstream transactions of 0# zinc ingot were concluded at 23,990-24,210 yuan/mt, Zijin traded at 24,020-24,220 yuan/mt, and 1# zinc ingot was traded around 23,910-24,100 yuan/mt. Huludao was quoted at 27,430 yuan/mt. The ordinary 0# zinc ingot was quoted at a discount of 0-40 yuan/mt against the 2503 contract, while Zijin was quoted at a discount of 10 yuan/mt to a premium of 10 yuan/mt against the 2503 contract. The Tianjin market was at a discount of 20 yuan/mt compared to the Shanghai market. By the midday close, New Zijin was quoted at a discount of 30 yuan/mt to a premium of 10 yuan/mt against the 03 contract, Xikang was quoted at a discount of 0-40 yuan/mt against the 03 contract, and Bailing (delivered) was quoted at 40 yuan/mt against the 03 contract. High-end brand Zijin was quoted at a discount of 10 yuan/mt to 10 yuan/mt against the 03 contract. The futures market rebounded today, but terminal resumption of work remained below expectations. Although there were slight signs of improvement in consumption, downstream buyers still held a wait-and-see attitude with low purchasing willingness, focusing mainly on restocking for rigid demand. Traders continued to lower premiums and discounts to facilitate sales, and overall market transactions were sluggish.