China Refined Zinc Supply in Shortages in September despite Big Output Growth, SMM Surveys

[Downstream cautious at highs with fewer inquiries; spot trading sentiment subdued this week]: This week, the average spot premium in Shanghai rose by 15 yuan/mt WoW. As of Friday this week, ordinary domestic brands were quoted at a discount of 50-40 yuan/mt against the 2610 contract, while the high-priced Shuangyan brand had no quotes against the 2610 contract.

[Zinc futures prices rise notably, spot premiums in the doldrums]: This week, Ningbo spot premiums consolidated, with the average price up 10 yuan/mt WoW. As of this Friday, Ningbo spot prices against the 2610 contract were quoted at a discount of 55 yuan/mt, and at a premium of 45 yuan/mt against the Shanghai premium.

[Consumo segue lento; taxas de operação de galvanização permanecem baixas]: Nesta semana, a taxa de operação da indústria de galvanização foi de 51,80%, alta de 0,17 ponto percentual na comparação semanal. Do lado da matéria-prima, os preços do zinco continuaram a se consolidar em patamares elevados nesta semana. A aceitação de preços altos pelos compradores foi limitada, com aquisições principalmente baseadas na necessidade e forte sentimento de espera. Os estoques de matéria-prima permaneceram baixos no geral, com pouca disposição para estocar.