Tianjin Zinc: Downstream Bought the Dip More in the Past Two Days, Transactions Weakened Today [SMM Midday Review]

Published: Feb 27, 2025 11:54

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[Tianjin Zinc: Downstream Bought the Dip in the Past Two Days, Transactions Weakened Today]: The mainstream transaction price of #0 zinc ingot in the Tianjin market was 23,450-23,560 yuan/mt, Zijin traded at 23,490-23,600 yuan/mt, and #1 zinc ingot traded around 23,340-23,440 yuan/mt. Huludao was quoted at 26,870 yuan/mt. Ordinary #0 zinc ingot was quoted at a discount of 30 to a premium of 10 yuan/mt against the 2503 contract, while Zijin was quoted at a premium of 30-50 yuan/mt against the 2503 contract. The Tianjin market was at a discount of around 10 yuan/mt compared to the Shanghai market...

SMM, February 27: In the Tianjin market, mainstream transactions of #0 zinc ingot were concluded at 23,450-23,560 yuan/mt, Zijin transactions at 23,490-23,600 yuan/mt, and #1 zinc ingot at around 23,340-23,440 yuan/mt. Huludao was quoted at 26,870 yuan/mt. Ordinary #0 zinc ingot was quoted at a discount of 30 yuan/mt to a premium of 10 yuan/mt against the 2503 contract, while Zijin was quoted at a premium of 30-50 yuan/mt against the 2503 contract. The Tianjin market was at a discount of around 10 yuan/mt compared to the Shanghai market. By the midday close, New Zijin was quoted on par with the March contract at 0-10 yuan/mt, Xikang at a discount of 20-30 yuan/mt, and Bailing at a discount of 0-10 yuan/mt. High-priced brand Zijin was quoted at a premium of 30-50 yuan/mt against the March contract. The futures market continued to pull back today. Downstream buyers had made significant purchases on a pricing basis over the past two days, while today's purchases were mainly for restocking on a need basis. Some enterprises remained bearish, and with substantial purchases made in the past two days, Tianjin zinc ingot inventory declined. Traders showed a slight tendency to stand firm on quotes, leading to a small increase in premiums. Overall, market transactions were weaker compared to the past two days.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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