Downstream purchasing sentiment was low, and premiums declined. [SMM Tianjin Zinc Spot Weekly Review]

SMM, April 24: Spot premiums in Tianjin pulled back this week, down by around 25 yuan/mt WoW. As of this Friday, domestic common brands were quoted at premiums of 230-360 yuan/mt against the 2505 contract, while premium brands were quoted at premiums of 330-380 yuan/mt against the 2505 contract. The premium of Tianjin against Shanghai was around 80 yuan/mt, and the price spread between Shanghai and Tianjin narrowed. Zinc prices continued to rise during the week, with downstream buyers cautious about high prices and showing low purchasing enthusiasm. Consumption gradually began to pull back, and downstream buyers mainly focused on restocking for rigid demand or destocking. Arrivals in Tianjin gradually increased, and the destocking process of zinc ingot inventory in Tianjin significantly slowed down. Traders lowered premiums and discounts to facilitate sales, and overall transactions this week were moderate. It is expected that as the Labour Day holiday approaches next week, downstream buyers will conduct pre-holiday restocking, and premiums may remain stable.