Downstream Mostly on Holiday, Pre-Holiday Atmosphere Sluggish [SMM Ningbo Spot Weekly Review]

SMM, January 24: This week, spot premiums in Ningbo continued to decline, with the weekly average price down by 400 yuan/mt WoW. As of this Friday, spot prices against the 2502 contract were quoted at a premium of 20 yuan/mt, and spot premiums against SHFE were around 20 yuan/mt. Zinc prices weakened significantly this week. However, with the Chinese New Year holiday approaching, most downstream enterprises in Ningbo had already completed their holiday shutdowns, leading to a sharp drop in demand for zinc ingot purchases. Under sluggish sales, traders also lowered premium quotations, resulting in a relatively quiet market. After the holiday, zinc ingots are expected to gradually arrive in the Ningbo market, and premiums may continue to fluctuate downward.

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