Spot discounts narrowed as weekly cargo volumes were gradually consumed [SMM Ningbo Spot Market Weekly Review]

SMM August 29 news:

Spot discounts in Ningbo narrowed this week, up 5 yuan/mt WoW. As of Friday, spot prices against the 2509 contract stood at a discount of 30 yuan/mt in Ningbo, on par with Shanghai premiums, with minor fluctuations during the week. Qilin zinc ingot arrived over the weekend, keeping market supply ample early in the week and spot offers low. However, as futures declined later in the week and previous shipments were continuously sold, zinc ingot availability decreased, prompting traders to raise spot offers and narrow discounts slightly MoM. Downstream enterprises actively priced purchases on dips, with spot transactions reported as moderate. Downstream demand remained sluggish, and spot offers are unlikely to improve significantly next week.