SHANGHAI, May 16 (SMM) - The SMM/LME zinc price ratio has been recovering from mid-to-late March, helping narrow losses on imported zinc to 162 yuan per tonne, SMM reported.
Shanghai thus witnessed an influx of imported zinc recently. Some 10,000 tonnes of zinc ingot was imported in early May, which is mainly Mexican and India zinc.
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Continuous inflows of imported zinc arrived in Shanghai this week, consisting of Spanish and Indian brands. Arriving shipments are expected to be nearly 10,000 tonnes, SMM reckons.
Inflows of imported zinc in the market weighed down spot premiums of domestic brands in Shanghai market. Spot premiums of domestic #0 zinc narrowed from 300 yuan per tonne from late April to 250 yuan per tonne, SMM data show.
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With narrowing import losses, additional inflows of imported zinc are expected in the near term, SMM expects. Prices for domestic brands will be weighed on.
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