Tianjin Zinc: Futures Market Rebound, Low Downstream Purchase Willingness [SMM Midday Review]

SMM March 3: In the Tianjin market, mainstream transactions of #0 zinc ingot were concluded at 23,510-23,840 yuan/mt, Zijin traded at 23,600-23,800 yuan/mt, and #1 zinc ingot traded around 23,420-23,670 yuan/mt. Huludao was quoted at 27,070 yuan/mt. #0 zinc ordinary was quoted at a discount of 30 to a premium of 60 yuan/mt against the 2503 contract, while Zijin was quoted at a premium of 60-80 yuan/mt against the 2503 contract. The Tianjin market was on par with the Shanghai market. As of the midday close, Xinzi was quoted at a premium of 40-60 yuan/mt against the 03 contract, Xikang was quoted at a discount of 0-30 yuan/mt, Bailing was quoted at a premium of around 40 yuan/mt, and the high-priced brand Zijin was quoted at a premium of 60-80 yuan/mt against the 03 contract. Futures prices rebounded today. Downstream restocked significantly last week, and with high futures prices, purchasing enthusiasm was low. Due to good sales last week, spot inventory was relatively low. Trading among traders was active, with a firm stance on quotes, but overall market transactions weakened.