Tianjin Zinc: Zinc Prices Climb, Overall Market Transactions Poor [SMM Midday Review]

SMM March 24: In the Tianjin market, #0 zinc ingot mainly traded at 23,920 to 24,290 yuan/mt, Zijin traded at 24,030 to 24,310 yuan/mt, and #1 zinc ingot traded around 23,830 to 24,100 yuan/mt. Huludao was quoted at 27,520 yuan/mt. The common #0 zinc was quoted at a discount of 30 to a premium of 50 yuan/mt against the 2504 contract, while Zijin was quoted at a premium of 80 to 100 yuan/mt against the 2504 contract. The Tianjin market was on parity with the Shanghai market. By the end of the morning session, Xinzi was quoted at a premium of 50 yuan/mt against the 04 contract, factory delivery of Xikuang Jinli was quoted at a discount of 0 to 20 yuan/mt against the 04 contract, Bailin delivery was quoted around 60 yuan/mt against the 05 contract, and high-priced brand Zijin was quoted at a premium of 80 to 100 yuan/mt against the 04 contract. Zinc prices rose today, but downstream buying sentiment was poor, with most taking a wait-and-see approach. Coupled with the recent low arrivals in the Tianjin area, self pick-up prices from traders' warehouses were firm and slightly increased, while factory delivery quotes for zinc ingots remained stable. The price difference between self pick-up from warehouses and factory delivery of zinc ingots remained large, leading to overall weak transactions.