Ningbo Cargo Shortage Persists, Market Trading Remains Sluggish [SMM Ningbo Spot Weekly Review]

SMM reported on December 27: Spot premiums in the Ningbo market declined this week, down 35 yuan/mt WoW based on the weekly average price. As of Thursday, spot prices against the 2501 contract were quoted at a premium of 410 yuan/mt, with a premium of around 80 yuan/mt against the SHFE. Approaching the end of the year, many traders in the Ningbo market settled accounts this week, resulting in almost no market quotations or shipments. Additionally, some spot cargoes from Guangdong flowed into the Ningbo market, with downstream purchasing on a just-needed basis, leading to a subdued overall trading market. Spot premiums in Ningbo are expected to decline next week as zinc ingot long-term contract deliveries gradually arrive.

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