SMM September 19:
Spot discounts in Ningbo narrowed slightly this week, up 5 yuan/mt WoW. As of Friday, spot prices in Ningbo were at a discount of 35 yuan/mt against the 2510 contract and a premium of 30 yuan/mt against Shanghai prices, with the premium against Shanghai maintaining a fluctuating trend during the week. With the arrival of zinc ingots from Hualian, Jiulong, and long-term contracts, the Ningbo market was well-supplied during the week. Traders actively offered and sold, but downstream enterprises saw no improvement in orders and were not enthusiastic about purchasing. Spot transactions were mostly for rigid demand. Although futures fell mid-week, downstream enterprises mainly focused on point pricing, with limited actual purchases, and spot premiums struggled to rise. Downstream orders performed averagely, and pre-National Day stocking demand may provide limited support to spot premiums next week.
