Pre-Holiday Stockpiling Demand Emerges, Trading Activity Significantly Increases [SMM Ningbo Spot Cargo Weekly Review]

SMM September 26 News:

Spot discounts in Ningbo continued to narrow this week, up 10 yuan/mt WoW. As of Friday, spot prices in Ningbo were at a discount of 10 yuan/mt against the 2510 contract and a premium of 50 yuan/mt against Shanghai prices, with the premium against Shanghai widening slightly during the week. As pre-holiday stocking demand emerged ahead of the National Day holiday, downstream enterprises continuously priced and purchased starting from last Friday, leading to active spot transactions in the Ningbo market. However, as enterprises continuously picked up goods, zinc ingot availability in the market decreased significantly, and spot transactions subsequently weakened, prompting traders to further narrow their spot quotations. With some downstream enterprises beginning holidays next week, spot quotations are expected to have limited upside.