The discount continues to widen, and downstream purchase willingness is generally low. [SMM Ningbo Spot Weekly Review]

SMM News on August 15:

This week, spot discounts in Ningbo continued to widen, with the weekly average price falling by 35 yuan/mt WoW. As of Friday this week, spot prices in Ningbo were at a discount of 40 yuan/mt against the 2509 contract and at a premium of 10 yuan/mt against the SHFE premium. The premium against the SHFE remained stable during the week. Long-term contract zinc ingots arrived one after another during the week, and the market supply was abundant. Futures prices rose significantly at the beginning of the week, and traders actively lowered their premium quotes for sales. Subsequently, futures prices pulled back somewhat, but downstream buyers mostly adopted a wait-and-see attitude, with low purchase willingness. Purchases were still made based on immediate needs, and premium quotes remained stable at low levels. It is expected that spot premiums will fluctuate next week.