Tianjin Zinc: Futures market rebounds, while premium continues to decline [SMM Midday Review]

SMM May 21 report: In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at 22,610-22,910 yuan/mt, with Zijin transactions at 22,740-22,920 yuan/mt. Transactions for #1 zinc ingot were around 22,390-22,530 yuan/mt, while Huludao reported prices at 26,120 yuan/mt. The premium for ordinary #0 zinc against the 2506 contract was around 100-270 yuan/mt, and the premium for Zijin against the 2506 contract was around 230-280 yuan/mt. Tianjin prices were at a discount of approximately 20 yuan/mt compared to Shanghai prices. By the close of the morning session, Chihong's premium against the 06 contract was around 180-250 yuan/mt, Hongye's price against the 06 contract was around 230-270 yuan/mt, and the premium for high-end brand Zijin against the 06 contract was around 230-280 yuan/mt. The futures market rebounded slightly, with downstream buyers cautious about purchasing at high prices. However, some enterprises, concerned about subsequent futures market increases, restocked in small quantities. Traders continued to lower their offering prices today, and overall market transactions were average.