Post-Holiday Consumption Has Not Yet Recovered, Tianjin Market Transactions Remain Weak [SMM Tianjin Zinc Spot Weekly Review]

SMM, February 7: This week, spot premiums in the Tianjin region rose slightly, up 50 yuan/mt MoM compared to the pre-holiday average. As of this Friday, domestic ordinary brands were quoted at premiums of 70-120 yuan/mt against the 2503 contract, while high-end brands were quoted at premiums of 110-120 yuan/mt against the 2503 contract, with Tianjin being on par with Shanghai. Zinc prices fluctuated this week, first declining and then rebounding. Downstream enterprises gradually resumed production this week, but apart from limited restocking for rigid demand, overall market consumption remained weak, with sluggish transactions mainly driven by trades among merchants. However, zinc ingot inventory and supply in Tianjin fell short of expectations, leading traders to stand firm on quotes, pushing premiums upward. Next week, as downstream production continues to recover, demand is expected to improve, and premiums may continue to rise.

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