Increased zinc imports weigh on spot offers

Published: May 10, 2018 15:05

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Traders continued to lower offers in China’s spot zinc market on Thursday May 10 as supply of imported zinc increased, SMM learned.

SHANGHAI, May 10 (SMM) – Traders continued to lower offers in China’s spot zinc market on Thursday May 10 as supply of imported zinc increased, SMM learned.

Trading liquidity picked up slightly as the SHFE zinc 1806 contract fell and closed at 23,855 yuan/mt at mid-day. But most downstream buyers still took a watch-and-wait stance.

In Shanghai, #0 zinc mostly traded at 23,920-24,000 yuan/mt. The 0# common brands were offered at a premium of 60-70 yuan/mt over the SHFE 1806 contract with 0# Shuangyan at a premium of 50-70 yuan/mt. This further narrowed from premiums of 70-100 yuan/mt and 90-120 yuan/mt, respectively, from Wednesday. Most #1 zinc traded at 23,880-23,950 yuan/mt.

In Guangdong, #0 zinc mostly traded at 23,870-23,900 yuan/mt. The Guangdong-Shanghai price spread narrowed from a discount of 50 yuan/mt on Wednesday to 30 yuan/mt. Cargoes mostly traded flat to a premium of 30 yuan/mt over the SHFE 1806 contract, down 20 yuan/mt from the previous day.

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