Tianjin Zinc: Market Remains Quiet, Premiums Decline [SMM Midday Review]

SMM, January 23: The mainstream transaction price of 0# zinc ingot in the Tianjin market was 23,630-23,880 yuan/mt, Zijin traded at 23,780-24,010 yuan/mt, and 1# zinc ingot traded around 23,510-23,750 yuan/mt. Huludao was quoted at 27,040 yuan/mt. The premium for ordinary 0# zinc against the 2502 contract was around 0-20 yuan/mt, while Zijin's premium against the 2502 contract was around 150 yuan/mt. The Tianjin market had a discount of 10 yuan/mt compared to the Shanghai market. As of the midday close, there were no quotes for New Zijin against the 02 contract, Chihong 1# against the 02 contract, Xikang against the 02 contract, or Baiyin against the 02 contract. High-end brand Zijin quoted a premium of around 150 yuan/mt against the 02 contract. The Tianjin spot-futures price spread was 10 yuan/mt. The futures market saw a significant decline today, but most downstream players have already gone on holiday, showing no restocking demand and primarily focusing on locked-in prices. Most traders have also entered the holiday period, with only a few engaging in pre-holiday purchases and restocking. The spot market had limited availability, and overall transactions were moderate.