Spot consumption performed poorly, with premiums declining during the week [SMM Shanghai Spot Weekly Review]

SMM News on May 30: This week, spot premiums in the Shanghai region weakened slightly, with a WoW decrease of 30 yuan/mt from the weekly average price. As of Friday, the premium for ordinary domestic brands against the 2506 contract was 260 yuan/mt, while the premium for the high-end brand Shuangyan against the 2506 contract was 350 yuan/mt, and the premium for SMC against the 2506 contract was 200 yuan/mt. Due to maintenance at some smelters, zinc ingot arrivals in the Shanghai market were limited. Traders continued to refuse to budge on prices, leading to a slight increase in spot premiums at the beginning of the week. However, as the market gradually absorbed expectations of the impact of maintenance at smelters in South China and imported zinc ingots flowed in at lower prices, downstream enterprises maintained a strong wait-and-see sentiment. Spot transactions became sluggish, and spot premiums declined slightly. It is expected that premiums may continue to weaken next week.

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