Ningbo Zinc: Premiums Remain High, Downstream Rigid Demand Still Exists [SMM Midday Commentary]

SMM Mar 24: In the Ningbo market, the transaction price of mainstream brand 0# zinc was around 24,015-24,240 yuan/mt. The regular brands in Ningbo quoted a premium of 40 yuan/mt against the 2504 contract and a premium of 50 yuan/mt against Shanghai spot. The main quotations in the Ningbo area were made against the 2504 contract. During the first period, Qilin quoted a premium of 50-60 yuan/mt against the 2504 contract, while Baiyin quoted a premium of 40-50 yuan/mt against the 2504 contract. Hazine Qilin quoted a discount of 30 yuan/mt against the 2504 contract. During the second period, traders' quotes remained unchanged from the previous period. Qilin and other zinc ingots had not yet arrived, and the supply in the Ningbo market remained limited today. Traders maintained firm quotes. Although the futures market rose significantly in the morning, downstream demand still existed, and overall, spot premiums held steady.