Guangdong Zinc Market: SHFE zinc price declines, downstream purchasing remains sluggish

Mainstream transaction prices for Guangdong 0# zinc were 24,830-25,400 yuan/mt. Mainstream brands quoted discounts of 100-130 yuan/mt against the 2407 contract and premiums of 30 yuan/mt against Shanghai spot prices, with the Shanghai-Guangdong price spread slightly widening. In the first trading period, sellers quoted brands such as Qilin, Huize, and Mengzi at premiums of 10 yuan/mt; in the second trading period, Qilin and Mengzi were quoted at discounts of 100-110 yuan/mt against SHFE zinc, and Lanxin zinc at discounts of 110-120 yuan/mt. Although SHFE zinc prices declined today, they remained high, with trading still between sellers who kept prices firm. Downstream purchasing willingness remained weak, and overall trading sentiment was low.