SMM reported on January 17: In the Tianjin market, mainstream transactions of 0# zinc ingot were concluded at 23,970-24,450 yuan/mt, Zijin transactions at 24,110-24,580 yuan/mt, and 1# zinc ingot at around 23,570-23,970 yuan/mt. Huludao was quoted at 27,660 yuan/mt. The premium for ordinary 0# zinc against the 2502 contract was around 280-420 yuan/mt, while Zijin's premium against the 2502 contract was around 420-450 yuan/mt. The Tianjin market was at a discount of 60 yuan/mt compared to the Shanghai market. As of the midday close, the premium for New Zijin against the 02 contract was 300-420 yuan/mt, Chihong 0# had no quotes against the 02 contract, Xikang delivered against the 02 contract was quoted at 250-280 yuan/mt, and Bailing against the 02 contract was around 340-420 yuan/mt. High-end brand Zijin's premium against the 02 contract was around 430-500 yuan/mt. The Tianjin spot-futures price spread was 295 yuan/mt. The futures market continued to rebound today, but downstream purchasing sentiment was low, with most downstream players entering the Chinese New Year break. Although Tianjin spot supply was limited, traders were eager to sell and continued to lower premiums, resulting in poor overall transactions.
