Sluggish Spot Transactions During the Week; Focus on Consumption Next Week [SMM Shanghai Spot Weekly Review]

SMM News, Mar 13: Shanghai spot premiums weakened this week, with the weekly average price down 20 yuan/mt WoW. As of Friday this week, ordinary domestic brands were quoted at discounts of 100-90 yuan/mt against the 2604 contract, while the high-priced brand Shuangyan was quoted at a discount of 30 yuan/mt against the 2604 contract. Shanghai zinc ingot social inventory continued to accumulate this week, and market traders actively offered cargoes for sale, but SHFE zinc prices fluctuated in a consolidating range. Downstream enterprises had built up some inventory by buying the dip last week, overall spot consumption remained weak, and market transactions were relatively sluggish during the week. Spot discounts continued to widen, and attention should be paid to the recovery of consumption next week.