SMM reported on February 21: This week, Ningbo spot premiums continued to decline, down 50 yuan/mt WoW from the weekly average price. As of this Friday, Ningbo spot prices against the 2503 contract were quoted at a discount of 10 yuan/mt, while premiums against SHFE were around 10 yuan/mt. During the week, zinc ingot long-term contracts were delivered successively, ensuring sufficient supply of zinc ingots in the Ningbo market. However, orders from downstream zinc alloy plants were slightly weak, with raw materials mostly purchased based on orders. Coupled with the continuous rise in the price center of zinc during the week, downstream buying sentiment was also dampened. Overall, spot zinc ingot transactions were sluggish, and Ningbo premiums declined throughout the week. With consumption yet to show a significant recovery, spot premiums/discounts are expected to maintain a fluctuating trend next week.
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