Guangdong Zinc: Zinc Price Center Declines, Spot Premiums/Discounts Rise [SMM Midday Review]

SMM March 31: The mainstream transaction price of 0# zinc in Guangdong was 23,340-23,630 yuan/mt. The mainstream brands quoted a premium of 5 yuan/mt against the 2505 contract and a discount of 30 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread widened. In the first session, suppliers quoted premiums of 5-25 yuan/mt for Qilin, Mengzi, Feilong, and Lan zinc. In the second session, Qilin and Mengzi quoted premiums of 20-25 yuan/mt against the online price. Overall, the futures market declined today, and downstream restocking increased at lower prices, driving an improvement in spot trades. Downstream purchases were made at fixed prices. The price decline, coupled with improved transactions, led traders to slightly raise premiums, and spot premiums and discounts increased.