Tianjin Zinc: Zinc Prices Pull Back Slightly, Downstream Restocking on Rigid Demand [SMM Midday Review]

SMM March 18 News: In the Tianjin market, mainstream transactions of #0 zinc ingot were at 23,760-24,120 yuan/mt, Zijin traded at 23,820-24,140 yuan/mt, and #1 zinc ingot traded around 23,680-23,980 yuan/mt. Huludao was quoted at 27,300 yuan/mt. #0 zinc ordinary was quoted at a discount of 40 to a premium of 30 yuan/mt against the 2504 contract, Zijin was quoted at a premium of 20-50 yuan/mt against the 2504 contract, and Tianjin was quoted at a discount of around 10 yuan/mt compared to Shanghai. By the midday close, New Zijin was quoted at a premium of 10-30 yuan/mt against the 04 contract, West Mine was quoted at a discount of 10-40 yuan/mt, Bailing delivered was quoted at 30 yuan/mt against the 04 contract, and high-end brand Zijin was quoted at a premium of 20-50 yuan/mt against the 04 contract. Zinc prices today were high in the morning and low in the afternoon, with downstream mostly in a wait-and-see mode. However, some just-in-time procurement and inquiries increased, while some downstream players remained bearish, mainly consuming inventory. Trading among traders was relatively active, with overall premiums seeing a slight correction, and market transactions improved compared to yesterday.