Some traders sold goods at low prices, and the premium in Ningbo dropped significantly mid-week [SMM Weekly Review of Spot Cargo in Ningbo]

SMM News on July 18:

This week, spot premiums in Ningbo continued to weaken, decreasing by 55 yuan/mt compared to the weekly average price last week. As of Friday this week, spot premiums against the 2508 contract in Ningbo were 15 yuan/mt, with a premium of 10 yuan/mt against the SHFE. The spot premiums against the SHFE maintained a fluctuating trend during the week. The futures market first declined and then rose during the week. In the first half of the week, some traders sold goods at low prices, putting pressure on spot premiums to decline. As the sale of low-priced zinc ingots was completed, spot premiums slightly recovered in the second half of the week. However, with a significant increase in zinc prices on the futures market at the end of the week, downstream enterprises' purchase willingness was dampened, and spot transactions also deteriorated, with premiums continuing to run at a low level. Downstream orders were poor during the off-season, and it is expected that premiums may continue to decline next week.