Shanghai Cargo Volume Shows No Improvement, Premium Remains Relatively Small [SMM Shanghai Spot Weekly Review]

SMM, January 3: This week, spot premiums in the Shanghai region slightly declined, down 30 yuan/mt WoW from the weekly average price. As of Thursday, spot premiums for ordinary domestic brands against the 2501 contract stood at 315 yuan/mt, while high-end brand Shuangyan had no quotes against the 2501 contract. In the first half of the week, at the year-end, some traders offloaded inventory, coupled with weak year-end stocktaking sentiment from some downstream buyers, leading to a slight drop in spot premiums. After the holiday, although the new annual long-term contracts began, zinc ingot arrivals in Shanghai showed no improvement. Downstream enterprises restocked, causing a slight increase in premiums. With no improvement in market arrivals, spot premiums in Shanghai are expected to maintain a fluctuating trend next week.

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