Weak downstream orders, spot cargo quotes in Ningbo fall to discount [SMM Weekly Review of Spot Cargo in Ningbo]

SMM reported on August 8:

This week, spot quotes in Ningbo turned to a discount, rising by 10 yuan/mt WoW from the weekly average price. As of Friday this week, spot prices in Ningbo were at a discount of 20 yuan/mt against the 2509 contract and at a premium of 20 yuan/mt against the SHFE. The premium against the SHFE was basically stable during the week. This week, zinc futures prices rose continuously, and long-term contract zinc ingots gradually arrived during the week. However, downstream consumption orders were weak during the off-season, coupled with low buying sentiment due to fear of high prices. Market traders continuously lowered spot quotes to facilitate sales, but downstream purchasing was as needed. Overall spot trading performance was average during the week, and it is expected that the premium will remain weak next week.