Tianjin Zinc: Futures Market Maintains Fluctuating Trend, Low Purchase Willingness from Downstream [SMM Midday Review]

SMM December 30 News: In the Tianjin market, mainstream transactions of 0# zinc ingot were at 25,880-26,140 yuan/mt, Zijin traded at 26,020-26,200 yuan/mt, and 1# zinc ingot traded around 25,480-25,570 yuan/mt. Huludao was quoted at 29,350 yuan/mt. The premium for ordinary 0# zinc against the 2501 contract was around 280-390 yuan/mt, while Zijin's premium against the 2501 contract was around 420-450 yuan/mt. The Tianjin market showed a premium of 50 yuan/mt compared to the Shanghai market. As of the midday close, Xinzi's premium against the 01 contract was 350-390 yuan/mt, Chihong's premium against the 01 contract was 370-390 yuan/mt, Xikang's premium against the 01 contract was 280-310 yuan/mt, and Bailing had no quotes for the 01 contract. High-end brand Zijin's premium against the 01 contract was around 420-450 yuan/mt. The futures market mainly fluctuated and consolidated. By year-end, some traders were offloading goods, leading to a decline in premiums. Downstream buyers primarily restocked based on rigid demand and maintained a wait-and-see attitude toward premiums and the futures market. Overall, market transactions were moderate.