Tianjin Zinc: Futures Rebound, Downstream Cautious on High Prices [SMM Midday Review]

SMM, July 3: In the Tianjin market, #0 zinc ingot was mainly traded at 24,080-24,410 yuan/mt, Zijin brand was traded at 24,180-24,370 yuan/mt, #1 zinc ingot was traded at around 24,060-24,320 yuan/mt. Zijin was quoted at a discount of 30-50 yuan/mt against the August 2026 contract, Huxin was quoted at 25,305 yuan/mt, and #0 zinc ingot was quoted at a discount of 30-100 yuan/mt against the August 2026 contract. The Tianjin market was quoted at a discount of 35 yuan/mt against the Shanghai market. As of the midday close, the high-grade brand Zijin was quoted at a discount of 30-50 yuan/mt against the August 2026 contract, and Xinzi was quoted at a discount of 60-70 yuan/mt against the August 2026 contract. Today, refined zinc purchasing sentiment in Tianjin was 1.9, and selling sentiment was 2.55. The daytime session rebounded today, downstream users were cautious amid high prices, mainly staying on the sidelines. Traders’ selling premiums remained stable, and overall market transactions were moderate.