Ningbo Zinc: Impact of Low Import Prices, Traders Continue to Adjust Prices [SMM Midday Review]

SMM, May 14: The transaction prices for mainstream brand 0# zinc in the Ningbo market were around 22,845-22,925 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 295 yuan/mt against the 2506 contract and at a premium of 50 yuan/mt against Shanghai spot cargo. Mainstream players in the Ningbo region quoted prices against the 2506 contract. In the first session, Yongchang quoted a premium of 360 yuan/mt against the 2506 contract, Qilin quoted a premium of 370 yuan/mt against the 2506 contract, AZ quoted a premium of 300 yuan/mt against the 2506 contract, and SMC quoted a premium of 300 yuan/mt against the 2506 contract. In the second session, Yongchang lowered its quote to a premium of 300 yuan/mt against the 2506 contract, and Qilin also lowered its quote to a premium of 300 yuan/mt against the 2506 contract, while other traders maintained their quotes from the previous session. The influx of low-priced imported zinc ingots from brands such as AZ and SMC impacted the Ningbo market. Domestic traders continued to lower their spot premium quotes to facilitate sales. Some downstream players purchased low-priced imported zinc, showing little interest in domestic zinc. Coupled with a significant increase in the futures market compared to yesterday, the transaction performance of domestic spot zinc in the Ningbo market was poor today.

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