【Arrivals in Some Regions Were Limited, Social Inventory Continued to Decline】According to SMM communication, as of this Thursday (April 24), the total zinc ingot inventory in seven regions monitored by SMM was 85,800 mt, a decrease of 14,200 mt compared to April 17 and a decrease of 7,200 mt compared to April 21. Domestic inventory recorded a decline...

Guangdong Zinc: Limited Spot Supply, Premiums and Discounts Rise. The mainstream transaction price of Guangdong 0# zinc ranged from 22,970 to 23,135 yuan/mt. The mainstream brands quoted a premium of 465 yuan/mt against the 2506 contract, on par with Shanghai spot, and the Shanghai-Guangdong price spread narrowed.

Shanghai Zinc: Premiums Continue to Rise, Spot Trades Sluggish: Today, the mainstream transaction prices of 0# zinc were concentrated at 22,985-23,100 yuan/mt, while Shuangyan traded at 23,105-23,180 yuan/mt, and 1# zinc mainstream transactions were at 22,915-23,030 yuan/mt. In the morning session, the market quoted premiums of 60-100 yuan/mt against the average price, with fewer quotes against the contract...

Ningbo Zinc: Limited Supply in the Trade Market, Premiums Remain Stable The transaction price of mainstream brand 0# zinc in the Ningbo market was around 22,945-23,010 yuan/mt. The premium of regular brands in Ningbo against the 2505 contract was 195 yuan/mt, on par with the spot cargo in Shanghai. Mainstream brands in Ningbo quoted against the 2505 contract.

Tianjin Zinc: Increased Arrivals in Tianjin Lead to Declining Premiums. The mainstream transaction price of #0 zinc ingot in the Tianjin market ranged from 23,000 to 23,230 yuan/mt, with Zijin transactions at 23,160 to 23,260 yuan/mt. #1 zinc ingot transactions were around 22,640 to 22,720 yuan/mt, while Huludao quoted 26,340 yuan/mt. The premium of #0 zinc ingot against the 2505 contract was around 240 to 400 yuan/mt, with Zijin's premium against the 2505 contract at 400 to 430 yuan/mt. The premium in Tianjin compared to Shanghai was around 70 yuan/mt, and the price spread between Shanghai and Tianjin narrowed.

SMM Data: As of Thursday, April 24, the total zinc ingot inventory across seven regions monitored by SMM stood at 85,800 mt, down 14,200 mt from April 17 and 7,200 mt from April 21, indicating a decline in domestic inventory. During the week, arrivals in Shanghai and Guangdong were relatively low, leading to significant inventory reductions in these areas. In Tianjin, arrivals increased slightly, but downstream purchasing enthusiasm weakened due to previous low-price restocking, resulting in relatively small overall inventory changes. Overall, inventory in the original three regions decreased by 6,400 mt, while the seven-region inventory decreased by 7,200 mt.