Guangdong Zinc: End-users Still Show Some Stockpiling, but Overall Transactions Remain Ordinary [SMM Midday Commentary]

SMM, September 28: Mainstream 0# zinc in Guangdong traded at 26,315-26,600 yuan/mt, with mainstream brands quoted at discounts of 30-20 yuan/mt against the 2611 contract and at a discount of 10 yuan/mt against Shanghai spot, narrowing the Shanghai-Guangdong price spread. Today, suppliers quoted discounts of 30-20 yuan/mt for brands such as Qilin, Danxia, and Feilong. Refined zinc purchasing sentiment in Guangdong stood at 1.85, while sales sentiment was 2.62. After the Mid-Autumn Festival holiday, zinc price center pulled back slightly. Some end-users in Guangdong still engaged in pre-National Day stockpiling, but some enterprises were also on holiday. Overall market transactions were ordinary, with mainstream brand quotes holding firm but traders facing sluggish shipments, and spot premiums remained stable.