Ningbo Zinc: Zinc Ingot Arrivals Continue, Ningbo Premium Declines [SMM Midday Review]

SMM February 8 News: The mainstream transaction price of 0# zinc in the Ningbo market was around 23,775-23,930 yuan/mt. Conventional brands in Ningbo quoted a premium of 65 yuan/mt against the 2503 contract and a premium of 30 yuan/mt against the Shanghai spot price, with mainstream quotations in Ningbo based on the 2503 contract. During the first time period, Qilin quoted a premium of 110 yuan/mt against the 2503 contract for delivered goods, Honglu-v quoted a premium of 70 yuan/mt against the 2503 contract, and Huize quoted a premium of 120 yuan/mt against the 2503 contract. During the second time period, traders' quotations remained unchanged from the previous period. Over the weekend, Qilin zinc ingots gradually arrived at Ningbo port, exerting downward pressure on Ningbo spot premiums due to lower prices. Downstream buyers actively purchased at lower prices, while self pick-up from warehouses faced sluggish sales. Additionally, some zinc alloy plants had sufficient raw material inventory from earlier purchases, leading to low inquiry and buying sentiment. Overall, market transactions today were average.

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