Tianjin Zinc: Downstream buying sentiment remains weak, with premiums continuing to decline [[SMM Midday Review]]

SMM, April 29: In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at RMB 23,010-23,140/mt, with Zijin transactions at RMB 23,080-23,190/mt. Transactions for #1 zinc ingot were around RMB 22,660-22,730/mt, while Huludao reported prices at RMB 26,330/mt. The ordinary #0 zinc ingot was quoted at a premium of RMB 230-300/mt against the 2505 contract, and at a premium of RMB 300-350/mt against the 2505 contract. Tianjin was quoted at a premium of around RMB 60/mt against Shanghai, with the price spread between the two markets narrowing. By the close of the morning session, Xinzhi was quoted at a premium of RMB 250-300/mt against the 05 contract, Xikuang had no quotes against the 05 contract, Chihong was quoted at a premium of around RMB 230/mt against the 05 contract, and the high-end brand Zijin was quoted at a premium of RMB 300-350/mt against the 05 contract. The futures market rebounded slightly. Downstream companies had largely completed their inventory preparations for the May Day holiday in the early stage and still held bearish views on prices, resulting in low overall purchase willingness. As shipments gradually arrived in Tianjin, traders continued to lower premiums and discounts for sales, leading to a decline in premiums. Overall trading activity was moderate.