Shanghai Spot Turns to Discounts, Moderate Transactions During the Week [SMM Shanghai Spot Weekly Review]

SMM February 21 News: This week, Shanghai's quotations shifted to a discount, down 25 yuan/mt WoW in the weekly average price. As of this Friday, ordinary domestic brands quoted a discount of 20 yuan/mt against the 2503 contract, while high-end brand Shuangyan quoted a premium of 80 yuan/mt against the 2503 contract. This week, zinc ingot inventory in Shanghai warehouses continued to build up. Although there were many traders selling in the market during the week, downstream consumption recovered rather slowly, leading to low purchase willingness for zinc ingots. Under just-in-time procurement, spot transactions in Shanghai this week were average. Traders continuously lowered spot quotations during the week to facilitate sales. It is expected that next week's premium and discount quotations may see limited improvement.

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