Tianjin Zinc: Most Downstream Enterprises Have Not Resumed Work, Trading Atmosphere Sluggish [SMM Midday Review]

SMM February 6 News: In the Tianjin market, mainstream transactions of 0# zinc ingot were at 23,240-23,680 yuan/mt, Zijin traded at 23,300-23,740 yuan/mt, and 1# zinc ingot traded around 23,060-23,450 yuan/mt. Huludao was quoted at 26,930 yuan/mt. Ordinary 0# zinc was quoted at a premium of 60-120 yuan/mt against the 2503 contract, while Zijin was quoted at a premium of 120-180 yuan/mt against the 2503 contract. The Tianjin market had a discount of 10 yuan/mt compared to the Shanghai market. As of the midday close, New Zijin was quoted at a premium of 120-130 yuan/mt against the 03 contract, Chihong 0# was quoted at a premium of 70-120 yuan/mt against the 03 contract, Xikang was quoted at a delivered premium of 50 yuan/mt against the 03 contract, Baiyin was quoted at a premium of around 90 yuan/mt against the 02 contract, and the high-end brand Zijin was quoted at a premium of 120-180 yuan/mt against the 03 contract. The Tianjin spot-futures price spread was 65 yuan/mt. The futures market rose today, and post-holiday downstream operations were still gradually resuming. Overall consumption remained weak, with trading activity mainly driven by traders, who showed a slight tendency to stand firm on quotes. Quotations were limited, and overall market transactions were moderate.