Downstream buyers purchased at lower prices, and the premium in Ningbo rose. [SMM Weekly Review of Spot Cargo in Ningbo]

SMM August 1 News:

This week, spot premiums in Ningbo have risen, increasing by 20 yuan/mt compared to the weekly average price last week. As of Friday this week, spot premiums against the 2509 contract in Ningbo were 50 yuan/mt, and spot premiums against the SHFE premium were also 50 yuan/mt, with the premium against the SHFE gradually expanding during the week. As the early-stage zinc ingot arrivals were gradually digested, there were not many traders offering goods in the Ningbo market in the first half of the week, and overall premiums remained relatively firm. Subsequently, zinc prices weakened significantly mid-week, and downstream enterprises increased their purchases at low prices, with spot transactions performing moderately well, driving spot premiums higher in the second half of the week. Given the weak downstream orders during the off-season, it is expected that the increase in spot premiums next week will be limited.