Ningbo Zinc: Downstream Continues to Wait and See, Premium Declines Significantly [SMM Midday Review]

SMM, June 6: The transaction price of mainstream brand 0# zinc in the Ningbo market was around 22,635-22,790 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 405 yuan/mt against the 2507 contract and at a premium of 60 yuan/mt against Shanghai spot cargo. Mainstream players in Ningbo were quoting against the 2507 contract. In the first session, Yongchang quoted a delivered premium of 500-540 yuan/mt against the 2507 contract, Qilin quoted a premium of 450 yuan/mt against the 2507 contract, and Finnish/Norwegian zinc ingots were quoted at a delivered premium of 200 yuan/mt against the 2506 contract. In the second session, Yongchang lowered its quoted premium to 450 yuan/mt delivered, Qilin lowered its quoted premium to 400 yuan/mt, and other traders maintained their quotes from the previous session. Long-term contracts for zinc ingots were arriving successively, and traders in the market were bearish on the subsequent decline in premiums, lowering their own quotes. However, downstream enterprises still held a certain amount of raw material inventory and, with poor order volumes, showed low enthusiasm for purchasing zinc ingots. Today, spot transactions in Ningbo were generally unremarkable.

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