Guangdong Zinc: High Prices Suppress Downstream Purchasing Demand, Spot Premiums/Discounts Remain Unchanged from Yesterday [SMM Midday Review]

SMM March 25: In Guangdong, the main transactions for 0# zinc were at 24,050 to 24,210 yuan/mt. The mainstream brands quoted a discount of 15 yuan/mt against the 2505 contract and a premium of 20 yuan/mt over Shanghai spot, with the Shanghai-Guangdong price spread widening. In the first trading session, suppliers quoted discounts of 20 to premiums of 5 yuan/mt for Qilin, Mengzi, Feilong, and Lan zinc. In the second trading session, Qilin, Mengzi, Huize, and Lan zinc were quoted at discounts of 20 to premiums of 5 yuan/mt against the online price. Overall, today's zinc prices fluctuated at high levels, with weak downstream purchasing demand. Additionally, downstream enterprises had previously stocked up on inventories at lower prices, leading to sluggish market transactions. Although some traders had a strong sentiment to stand firm on quotes, actual transactions were difficult under high premiums. Today, the spot premiums and discounts in Guangdong remained unchanged from yesterday.