SMM News on April 30: This week, spot premiums in the Tianjin region continued to pull back, decreasing by approximately 45 yuan/mt WoW. As of Wednesday this week, domestic common brands were quoted at premiums of 160-290 yuan/mt against the 2505 contract, while high-priced brands were quoted at premiums of 300-350 yuan/mt against the 2505 contract. The Tianjin market was quoted at a premium of approximately 40 yuan/mt against the Shanghai market, with the price spread between the two markets narrowing. Zinc prices fluctuated mainly during the week. Downstream companies had largely completed their inventory build-up ahead of the Labour Day holiday, resulting in low procurement enthusiasm this week. Purchases were mainly based on previously locked-in prices for cargo pick-up or long-term contracts. Downstream companies were on holiday for 2 to 5 days during the Labour Day holiday. Traders continuously lowered premiums and discounts to facilitate sales, leading to a decline in premiums. Overall trading volume was moderate this week. It is expected that after the holiday, contract rollover will occur, and premiums may stabilize under the backwardation structure.
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