Ningbo Zinc: Market Supply Increases, Premium Adjusted Downward MoM [SMM Midday Review]

SMM News on June 5: The transaction prices of mainstream brand 0# zinc in the Ningbo market ranged from approximately 22,870 to 22,940 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 515 yuan/mt against the 2507 contract and at a premium of 60 yuan/mt against Shanghai spot cargo. Mainstream players in the Ningbo region were quoting against the 2507 contract. In the first session, Yongchang quoted premiums of 540-560 yuan/mt against the 2507 contract, Qilin quoted a premium of 520 yuan/mt against the 2507 contract, and Huize quoted a premium of 600 yuan/mt against the 2507 contract. In the second session, Yongchang lowered its premium quotes to 490-520 yuan/mt, Qilin reduced its quotes to premiums of 500-520 yuan/mt, while other traders maintained their quotes at the same level as the previous session. With the gradual replenishment of Qilin zinc ingots and the continuous inflow of imported zinc ingots, downstream players had low purchase willingness amid bearish expectations for subsequent premiums. Traders took the initiative to lower their spot cargo quotes to facilitate sales, but spot cargo transactions remained sluggish.

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