Tianjin Resumes Production, Premiums Show No Improvement [SMM Tianjin Zinc Spot Weekly Review]

SMM September 12: Spot premiums in Tianjin edged lower this week, down 5 yuan/mt WoW. As of Friday, domestic regular brands were quoted at a discount of 30-80 yuan/mt against the 2510 contract, while premium brands were quoted at a discount of 20-30 yuan/mt against the 2510 contract. The Tianjin market was at a discount of around 20 yuan/mt against the Shanghai market. Downstream plants in Tianjin gradually resumed production this week, and zinc ingots previously affected by transport restrictions were picked up and delivered. However, overall consumption in Tianjin remained weak, and purchasing sentiment was not high. Traders slightly lowered premiums to facilitate sales, while some faced slow sales and awaited delivery. After next week's delivery, warrant releases may lead to a further decline in premiums.