Tianjin Zinc: Futures Market Dropped Back Slightly, Downstream Buyers Priced on Dips [SMM Midday Review]

SMM March 5 News: In the Tianjin market, the mainstream transaction prices for #0 zinc ingot were 23,470-23,730 yuan/mt, Zijin traded at 23,550-23,750 yuan/mt, and #1 zinc ingot traded around 23,370-23,560 yuan/mt. Huludao was quoted at 26,940 yuan/mt. #0 zinc ordinary was quoted at a discount of 20 to a premium of 60 yuan/mt against the 2504 contract, while Zijin was quoted at a premium of 60-80 yuan/mt against the 2504 contract. The Tianjin market was on par with the Shanghai market. As of the midday close, New Zijin was quoted at a premium of 50-60 yuan/mt against the 04 contract, Xikang at a discount of 0-20 yuan/mt, Bailing at a premium of 40-50 yuan/mt, and high-priced brand Zijin at a premium of 60-80 yuan/mt against the 04 contract. The futures market dropped back slightly today, and some downstream enterprises restocked at lower price points. Due to good shipments last week, spot inventory was relatively low. The price spread between self pick-up from warehouse and delivery-to-factory prices widened. Some traders stood firm on quotes, and offers were relatively scattered. Overall, market transactions were moderate.