Tianjin Zinc: Downstream purchase willingness is low, and premium continues to decline [SMM Midday Review]

SMM News on June 25: In the Tianjin market, mainstream transactions for #0 zinc ingots were concluded at 22,060-22,180 yuan/mt, with Zijin transactions at 22,120-22,220 yuan/mt. #1 zinc ingots were traded around 21,940-22,030 yuan/mt, while Huludao reported prices at 25,560 yuan/mt. Regular #0 zinc ingots were quoted at a premium of 30-40 yuan/mt against the 2507 contract, with Zijin quoted at a premium of around 60-80 yuan/mt against the 2507 contract. Tianjin was quoted at a discount of around 60 yuan/mt compared to Shanghai. By the close of the morning session, Xinzi was quoted at a premium of 30-40 yuan/mt against the 07 contract, while Chihong was quoted at around 30 yuan/mt against the 2507 contract. High-end brand Zijin was quoted at a premium of around 60-80 yuan/mt against the 07 contract. Zinc prices continued to fluctuate at highs, with downstream procurement enthusiasm remaining low. There were almost no spot transactions, and inquiries were few. As new long-term contracts are expected to be executed, traders continued to lower premiums to facilitate sales, leading to a continuous decline in premiums. Overall market transactions were weak.