Low market supply, with premiums remaining high [[SMM Ningbo Weekly Spot Review]]

SMM, April 30:

This week, spot premiums in Ningbo remained high and stable, rising by 5 yuan/mt WoW from the weekly average price. As of Wednesday this week, spot prices against the 2505 contract in Ningbo were quoted at a premium of 180 yuan/mt, and against the SHFE, at a premium of 20 yuan/mt. In the final week before the Labour Day holiday, the futures market continued to fluctuate. As downstream raw material stocking was completed, spot cargo transactions gradually weakened during the week. However, due to limited arrivals in the Ningbo market, traders mostly stood firm on their quotes, keeping premiums high during the week. It is expected that spot premiums will rise next week amid contract rollover.

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