Tianjin Zinc: Limited Spot Zinc in Market Circulation, Premiums Rise [SMM Midday Review]

SMM reported on April 2: In the Tianjin market, the mainstream trading price of #0 zinc ingot ranged from 23,240 to 23,570 yuan/mt, while Zijin traded between 23,380 and 23,630 yuan/mt. The trading price of #1 zinc ingot was around 23,120 to 23,340 yuan/mt, and Huludao quoted at 26,780 yuan/mt. The premium of #0 zinc ingot against the 2505 contract was around 0 to 120 yuan/mt, while Zijin's premium against the 2505 contract was around 140 to 180 yuan/mt. The Tianjin market reported a discount of around 10 yuan/mt against the Shanghai market. By the close of the morning session, the premium of new Zijin against the 05 contract was around 60 to 120 yuan/mt, while Xikuang was at parity against the 05 contract. The premium of high-priced brand Zijin against the 05 contract was around 140 to 180 yuan/mt. Today, zinc prices fluctuated downward. Due to the significant pullback in prices last night, downstream users actively restocked for the Qingming Festival. Combined with good sales this week, spot cargo in the market was scarce, leading to a noticeable increase in premiums. Traders raised their offers, but today's trading was relatively weak, mostly consisting of pre-sales. Traders were active in transactions, and overall trading was moderate.