Tianjin Zinc: Futures Market Rallies, Premium Continues to Decline [SMM Midday Review]

SMM April 23 News: In the Tianjin market, the mainstream transaction price of #0 zinc ingot was 22,850-23,250 yuan/mt, with Zijin trading at 23,050-23,270 yuan/mt. The transaction price of #1 zinc ingot was around 22,490-22,710 yuan/mt, while Huludao quoted 26,240 yuan/mt. The premium of #0 zinc ingot against the 2505 contract was around 240-420 yuan/mt, and Zijin's premium against the 2505 contract was around 440-450 yuan/mt. The premium in Tianjin compared to Shanghai was around 90 yuan/mt, and the price spread between Shanghai and Tianjin narrowed. By the close of the morning session, the premium of Xinzi against the 05 contract was around 380-420 yuan/mt, the premium of Xikuang delivery against the 05 contract was around 240-280 yuan/mt, and the premium of Baiyin against the 2505 contract was around 300 yuan/mt. The premium of the high-priced brand Zijin against the 05 contract was around 440-450 yuan/mt. Today, zinc prices surged, and downstream buyers were cautious about high prices, mostly adopting a wait-and-see attitude. Traders continuously lowered premiums and discounts to facilitate sales, leading to a decline in premiums and overall poor transaction performance.