Slow Shipments Discouraged Sellers To Raise Prices, Spot Trading Unlikely to Improve

Published: Jun 6, 2023 10:38

Source: SMM

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#0 zinc in Ningbo was quoted with premiums of 140-220 yuan/mt over SHFE 2306 zinc contract last week, and were -10-40 yuan/mt against Shanghai prices. Spot quotes against SHFE zinc prices and premiums over Shanghai prices both fell rapidly. The rise in zinc prices and the influx of imported zinc led to a continuous decline in the downstream enthusiasm for purchasing domestic zinc ingots.

Slow shipments discouraged sellers to raise prices, and the spot premiums continued to decline. Considering the current weak demand for zinc ingots due to the decrease in new orders from downstream enterprises, it is expected that the spot trading in the Ningbo market will unlikely to improve this week.

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