SMM reported on January 3: This week, spot premiums in the Ningbo market remained high, up 15 yuan/mt WoW based on the weekly average price. As of Thursday, spot prices against the 2501 contract were quoted at a premium of 425 yuan/mt, with a premium of around 110 yuan/mt against the SHFE. Although some traders pre-sold long-term contract zinc ingots by year-end, the market supply replenishment was limited. Tight spot supply supported the sustained high premiums, while downstream enterprises made purchases based on rigid demand, resulting in relatively sluggish overall trade market transactions. Spot premiums in Ningbo are expected to decline as new long-term contract zinc ingots continue to arrive.
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