Arrival of domestic zinc ingot long-term contracts, with Ningbo premium weakening during the week [SMM Ningbo Spot Weekly Review]

SMM News on June 6:

This week, spot premiums in Ningbo weakened, decreasing by 40 yuan/mt WoW from the weekly average price. As of Friday this week, spot prices against the 2507 contract in Ningbo were quoted at a premium of 405 yuan/mt, and against the SHFE premium, they were at a premium of 60 yuan/mt. The spot premiums against the SHFE premium maintained a fluctuating trend during the week. Zinc ingots from producers such as Qilin and Huize arrived in Ningbo this week, supplementing market supply. Imported zinc ingots also continued to flow in, and the number of traders shipping out goods increased during the week. However, some downstream enterprises had purchased a significant amount of raw materials before the holiday, possessing a certain level of inventory, while the rest mainly purchased according to orders, showing low enthusiasm for purchasing zinc ingots. To facilitate shipments, traders lowered their spot quotes WoW during the week, but overall transaction volumes remained average. It is expected that spot premiums will continue to decline next week.

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