SMM February 13:
Spot discounts in Ningbo widened this week, down 15 yuan/mt WoW. As of Friday, spot prices in Ningbo were at a discount of 45 yuan/mt against the 2603 contract and a discount of 10 yuan/mt against Shanghai prices, with the discount against Shanghai fluctuating during the week. In the last trading week before the holiday, some traders proactively lowered spot quotations to facilitate shipments, leading to wider spot discounts. However, most downstream enterprises had entered holiday mode, with almost no inquiries or purchases for spot cargo during the week, resulting in overall sluggish spot transactions. It is expected that spot discounts may narrow as post-holiday consumption recovers.
