Guangdong Zinc: Significant Reduction in Trader Shipments, Market Premiums Continue to Decline [SMM Midday Review]

SMM January 22 News: Mainstream transactions of Guangdong 0# zinc were at 24,105-24,285 yuan/mt. Mainstream brands quoted premiums of 30-50 yuan/mt against the 2503 contract and 10 yuan/mt against Shanghai spot. The Shanghai-Guangdong price spread narrowed. In the first trading session, suppliers quoted premiums of 30-50 yuan/mt for Qilin and Mengzi brands. In the second session, Qilin and Mengzi were quoted at premiums of 50 yuan/mt against the online price. Overall, downstream consumption declined, and the number of traders shipping goods dropped significantly today. To facilitate sales, traders lowered premiums. Market transactions were sluggish, and the monthly price spread remained unchanged. Amid sluggish trading, spot premiums declined, and it is expected that premiums will gradually decrease further under weak market consumption.