Ningbo Zinc: Downstream has a certain amount of inventory, premium continues to decline [SMM Midday Review]

SMM, May 15: The transaction price of mainstream brand 0# zinc in the Ningbo market was around 22,875-23,030 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 265 yuan/mt against the 2506 contract and at a premium of 40 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 270 yuan/mt against the 2506 contract, Qilin quoted a premium of 270 yuan/mt against the 2506 contract, AZ quoted a delivered premium of 300 yuan/mt against the 2506 contract, and SMC quoted a premium of 280 yuan/mt against the 2506 contract. In the second session, Yongchang lowered its quote to a premium of 250 yuan/mt against the 2506 contract, Qilin lowered its quote to a premium of 250 yuan/mt against the 2506 contract, while other traders maintained their quotes from the previous session. The impact of low-priced imports persisted, and domestic traders significantly reduced their spot premium quotes today. However, some downstream enterprises had purchased a large volume of imported zinc ingots earlier and held a certain level of raw material inventory, so overall transactions remained driven by immediate needs.

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