Ningbo Zinc: Traders Sell in a Laid-Back Manner, Spot Zinc Premiums Hold Steady [SMM Midday Review]

SMM, Jul 2:

       The transaction price for mainstream brand #0 zinc ingot in the Ningbo market stood around 24,240-24,365 yuan/mt. Conventional brands in Ningbo were quoted at a discount of 30 yuan/mt against the 2608 contract and at a premium of 35 yuan/mt against spot cargo in Shanghai, with Ningbo primarily quoting against the 2608 contract. In the first session, Yongchang was quoted at a discount of 30 yuan/mt against the 2608 contract; Anning at a discount of 20-30 yuan/mt; Qilin at a discount of 40 yuan/mt; and Honglu-V (99.998) at parity against the 2608 contract. In the second session, trader quotes remained unchanged from the previous session. Overall trading in the Ningbo market remained mediocre today. Some downstream enterprises had yet to digest zinc ingot previously purchased at low prices, and coupled with poor downstream orders during the off-season, overall zinc ingot demand was just modest. Traders made shipments and offered quotes in an unhurried manner, with spot premiums holding steady at low levels today.