Guangdong Zinc: Sluggish Spot Consumption, Sluggish Market [SMM Midday Review]

SMM February 17 News: Guangdong 0# zinc mainstream transactions were at 23,520-23,845 yuan/mt. Mainstream brands quoted a premium of 50-20 yuan/mt against the 2503 contract and a spot discount of 50 yuan/mt against Shanghai. The Shanghai-Guangdong price spread remained stable. In the first session, suppliers quoted a discount of 50-20 yuan/mt for Qilin, Mengzi, and Lan zinc. In the second session, Qilin was quoted at a discount of 45 yuan/mt against the online price. Overall, the futures market declined today, but downstream orders showed no improvement, and the overall market trading atmosphere was sluggish. Some traders paused shipments in response to low premiums, waiting for better opportunities, while others reduced premiums to facilitate sales. Currently, spot transactions in the market are relatively weak, and a recovery in consumption will take time.