Zinc in Tianjin: High Zinc Prices Weigh on Market Transactions

SHANGHAI, Jan 31 (SMM) - In Tianjin, #0 zinc ingot was mostly traded at 24,250-24,350 yuan/mt, Zijin zinc at 24,250-24,380 yuan/mt, and Huludao zinc at 29,080 yuan/mt. In terms of premium/discount, #0 zinc was in premiums of 90-120 yuan/mt over SHFE 2302 contract, Zijin zinc was 60-120 yuan/mt, and -60 yuan/mt over Shanghai. The zinc prices remained rangebound at high today, and the quotations fell into a large price range. As of noon of January 31, spot discounts of regular brand Chihong stood at 80-120 yuan/mt over SHFE 2302, Hongye were 90-120 yuan/mt, and high-priced Zijin recorded 60-120 yuan/mt; there were no quotes for Hongye. HZ (free from ex-works) was out of stock. The traders mostly quoted with discounts as zinc price was high. Downstream players were cautious in purchasing, and the overall transactions were muted. #1 zinc ingot generally traded between 24,180-24,240 yuan/mt.