Ningbo Zinc: Increased Market Supply, Downstream Just-in-Time Restocking [SMM Midday Review]

SMM, June 3: The transaction prices of mainstream 0# zinc brands in the Ningbo market were around 22,760-23,060 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 250 yuan/mt against the 2506 contract and at a premium of 80 yuan/mt against spot prices in Shanghai. Mainstream quotes in Ningbo were against the 2506 contract. In the first time slot, Yongchang quoted a premium of 250 yuan/mt against the 2506 contract, Finland quoted a premium of 230 yuan/mt against the 2506 contract, Qilin quoted a delivered premium of 290 yuan/mt against the 2506 contract, and Huize quoted a premium of 350 yuan/mt against the 2506 contract. In the second time slot, traders' quotes remained unchanged from the previous time slot. Zinc ingots from brands such as Huize and Qilin arrived in Ningbo one after another, increasing the supply in the Ningbo market. However, downstream players had built up certain inventories earlier and continued to anticipate a decline in spot premiums. Today, purchases were still made based on immediate needs, and overall spot transaction performance was average.

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