Tianjin Zinc: Downstream Demand Mainly Drives Restocking, Premiums Remain Steady [SMM Midday Review]

SMM June 13 news: In the Tianjin market, mainstream transactions for #0 zinc ingots were concluded at RMB 22,110-22,370 yuan/mt, with Zijin transactions at RMB 22,240-22,420 yuan/mt. Transactions for #1 zinc ingots were around RMB 21,810-21,980 yuan/mt, while Huludao reported prices at RMB 25,600 yuan/mt. Regular #0 zinc ingots were quoted at a premium of 180-280 yuan/mt against the 2507 contract, with Zijin quoted at a premium of around 310-330 yuan/mt against the 2507 contract. Tianjin was quoted at a discount of around 10 yuan/mt against Shanghai. By the close of the morning session, Xinzi was quoted at a premium of around 260-280 yuan/mt against the 07 contract, while Chihong's pre-sales were quoted at 180-250 yuan/mt against the 2507 contract. High-end brand Zijin was quoted at a premium of around 310-330 yuan/mt against the 07 contract. The futures market continued to fluctuate, with weak downstream consumption. As there had been significant stockpiling in the early stage, restocking was mainly driven by immediate needs. Many traders had delivery plans, and premiums remained stable. Trading was dominated by traders, with overall market transactions remaining weak.