Latest Update in the China Zinc Market

Shanghai nonferrous metals closed mixed as the hawkish US Fed’s stance on interest rate hike pressured the market, while estimated recovery of production from COVID in Shanghai gave some support to the market.

According to the latest report data released by  WBMS on Wednesday, the global zinc market saw a supply surplus of 37,800 mt from January to March 2022.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on May 19, 2022

On the whole, as the downstream has done enough procurement in the early stage, the current willingness of accepting goods was poor. At the same time, the trade market was dominated by shipments, but there are very few receivers and the transaction was extremely poor. As a result, the holders gradually lowered the premiums.

Introducing electronic certificates for inbound inspection and quarantine to speed up the flow of reefer containers and help improve port operation efficiency.

SHANGHAI, May 19 (SMM) -  The Baltic Dry Index rose 94 points, or 3%, to 3,189, its highest level since December 13 last year.

Shanghai and LME base metals all closed with losses when overnight risk aversion sentiment rose as market players were still worried about economy prospect in light of the recent speech from US Fed Chair Powell.

Shanghai nonferrous metals all closed in the negative zone as US Fed Chair Powell indicated firm interest rate hike in the future until the inflation is contained.