Tianjin Zinc: Futures Market Pulled Back Sharply, Premiums Remained Slightly Firm [SMM Midday Review]

SMM, January 3: In the Tianjin market, mainstream transactions of 0# zinc ingot were at 25,210-25,350 yuan/mt, Zijin traded at 25,280-25,400 yuan/mt, and 1# zinc ingot traded around 24,790-24,890 yuan/mt. Huludao was quoted at 28,630 yuan/mt. Ordinary 0# zinc was quoted at a premium of 300-350 yuan/mt against the 2501 contract, while Zijin was quoted at a premium of 370-400 yuan/mt against the 2501 contract. The Tianjin market was at a discount of 20 yuan/mt compared to the Shanghai market. By the midday close, Xinzi was quoted at a premium of 300-350 yuan/mt against the 01 contract, Chihong at 300-350 yuan/mt, Xikang had no quotes, Bailing was quoted around 340 yuan/mt, and high-end brand Zijin was quoted at a premium of 370-400 yuan/mt against the 01 contract. The futures market pulled back significantly, downstream buyers maintained a bearish outlook and focused on restocking for immediate needs, while traders were relatively firm in their offers. Overall, market transactions were moderate.