Ningbo Zinc: Downstream rigid demand purchase, premium continues to decline [SMM Midday Review]

SMM July 9 news:

In the Ningbo market, mainstream 0# zinc traded at 22,095-22,230 yuan/mt. Conventional brands in Ningbo quoted a premium of 75 yuan/mt against the 2508 contract, on par with Shanghai spot offers. Most Ningbo-based suppliers quoted against the 2508 contract. In the first session, Yongchang offered a 70 yuan/mt premium against the 2508 contract, Qilin quoted a delivered premium of 140 yuan/mt, Honglu-V zinc ingot priced at a 100 yuan/mt premium, and Huize quoted a 200 yuan/mt premium. In the second session, traders maintained unchanged quotes from the previous session. Traders actively sold cargo today, but as zinc futures rebounded above 22,000 yuan/mt, downstream buyers only covered rigid demand, mainly through back-to-back pricing. Spot transactions were moderate, with spot premiums down MoM.

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