Tianjin Zinc: Weak Downstream Demand, Premiums Decline [SMM Midday Review]

SMM January 10 News: In the Tianjin market, mainstream transactions of 0# zinc ingot were at 24,470-24,710 yuan/mt, Zijin traded at 24,550-24,750 yuan/mt, and 1# zinc ingot traded around 23,950-24,090 yuan/mt. Huludao was quoted at 28,000 yuan/mt. The premium for ordinary 0# zinc against the 2502 contract was 450-510 yuan/mt, while Zijin's premium against the 2502 contract was 460-550 yuan/mt. The Tianjin market had a discount of 100 yuan/mt compared to the Shanghai market. By the midday close, the premium for New Zijin against the 02 contract was 480-530 yuan/mt, Chihong's premium against the 02 contract was 400-510 yuan/mt, Xikang had no quotes for the 02 contract, and Bailing also had no quotes for the 02 contract. High-end brand Zijin's premium against the 02 contract was around 460-550 yuan/mt. The Tianjin spot-futures price spread was 450 yuan/mt. The futures market saw a slight rebound today. Downstream enterprises have gradually entered the holiday phase, with downstream consumption significantly pulling back. Demand was weak, and traders' quotations were relatively scattered. Some traders, eager to sell before the holiday, lowered their quotations. Today's transactions were mainly between traders, and overall market activity was moderate.