Guangdong Zinc: Zinc Price Center Continues to Decline, Spot Transactions Slightly Improve [SMM Midday Review]

SMM March 11 News: Mainstream transactions of Guangdong #0 zinc were at 23,550-23,800 yuan/mt, with mainstream brands quoting a premium of 10 yuan/mt against the 2504 contract and on par with Shanghai spot, while the Shanghai-Guangdong price spread remained stable. In the first trading session, suppliers quoted premiums of 10-40 yuan/mt for Qilin, Danxia, Feilong, and Lan zinc. In the second session, Qilin, Mengzi, and Lan zinc were quoted at premiums of 20-40 yuan/mt against the online price. Overall, the futures market showed a significant decline in the early session, and some downstream buyers maintained a bearish outlook on zinc prices, leading to a strong wait-and-see sentiment. Coupled with moderate end-use consumption, most enterprises are currently making just-in-time procurement, resulting in low purchasing enthusiasm. As the futures market rebounded later, market supply from traders decreased. The decline in zinc prices today slightly improved market transactions, and spot premiums rose.