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

Published: Apr 23, 2025 11:49

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Tianjin Zinc: Futures Market Rises, Premium Continues to Decline The mainstream trading price of #0 zinc ingot in the Tianjin market ranged from 22,850 to 23,250 yuan/mt, with Zijin trading at 23,050 to 23,270 yuan/mt. #1 zinc ingot traded around 22,490 to 22,710 yuan/mt, while Huludao quoted at 26,240 yuan/mt. The premium of #0 zinc ingot against the 2505 contract was around 240 to 420 yuan/mt, and Zijin's premium against the 2505 contract was around 440 to 450 yuan/mt. The premium in Tianjin compared to Shanghai was around 90 yuan/mt, and the price spread between Shanghai and Tianjin narrowed.

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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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