Guangdong Zinc: Spot Transactions Sluggish, Downstream Just-in-Time Procurement Dominates [SMM Midday Review]

SMM February 24 News: Mainstream transactions of Guangdong #0 zinc were concluded at 23,860-24,065 yuan/mt, with mainstream brands quoted at a discount of 60 yuan/mt against the 2504 contract and a premium of 20 yuan/mt against Shanghai spot. The Shanghai-Guangdong price spread remained stable. In the first trading session, suppliers quoted discounts of 80-50 yuan/mt for Qilin, Mengzi, Huize, Feilong, and Lan zinc. In the second session, Qilin, Mengzi, and Lan zinc were quoted at discounts of 60-50 yuan/mt against the online price. Overall, traders reported that downstream consumption in Guangdong remained sluggish, with orders still recovering. Most enterprises focused on restocking based on immediate demand, leading to sluggish market transactions. Some traders continuously lowered premiums to facilitate sales, resulting in a decline in today's spot premiums and discounts.