Tianjin Zinc: Numerous Environmental Protection-Driven Production Restrictions in the North, Overall Demand Limited [SMM Midday Review]

SMM March 11 News: In the Tianjin market, the mainstream transaction prices for #0 zinc ingot were 23,510-23,790 yuan/mt, Zijin traded at 23,580-23,830 yuan/mt, and #1 zinc ingot traded around 23,420-23,650 yuan/mt. Huludao was quoted at 27,100 yuan/mt. Ordinary #0 zinc was quoted at a discount of 30 yuan/mt to a premium of 40 yuan/mt against the 2504 contract, while Zijin was quoted at a premium of 40-70 yuan/mt against the 2504 contract. The Tianjin market was quoted at a discount of around 20 yuan/mt compared to the Shanghai market. By the midday close, New Zijin was quoted at a premium of 20-40 yuan/mt against the 04 contract, Xikang was quoted at a discount of 20-30 yuan/mt, Bailing was quoted at 40 yuan/mt, and high-end brand Zijin was quoted at a premium of 40-70 yuan/mt against the 04 contract. The futures market continued to pull back today, with some downstream buyers restocking at lower prices, while most downstream buyers maintained a bearish outlook. Environmental protection-driven production restrictions in northern regions have not yet ended, overall market demand remained weak, but traders still stood firm on quotes. Most traders kept their offers stable, and overall market transactions fell short of expectations.