SHANGHAI, Aug. 28 (SMM) - Spot premiums of #0 zinc in Guangdong against SHFE zinc contracts for October delivery widened from 100-150 yuan to 200-250 per tonne recently,according to SMM data.
“This is because of tightening supply there”, said an SMM zinc analyst. Some smelters held back goods to Guangdong while ramping up supplies to Jiangsu and Zhejiang now that spot premiums in Shanghai over Guangdong increased from 50 yuan to 100-150 yuan per tonne recently. Guangdong Nanchu’s arriving shipments have thus declined since early and mid-August.
Meanwhile, outward shipments from Nanchu grew since last week. Continuously falling zinc prices have attracted some traders and downstream buyers to rush to the market. Some die-cast zinc alloy plants restarted during July-August, and began to replenish raw materials.
Guangdong’s zinc inventories fell 3,000 tonnes last week from late July. Nevertheless, some smelters may increase supplies to Guangdong in September, SMM adds, helping ease local supply tightness.
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