SMM reported on January 17: This week, spot premiums in Ningbo declined significantly, down 240 yuan/mt WoW in terms of the weekly average price. As of this Friday, spot prices against the 2502 contract in Ningbo were quoted at a premium of 405 yuan/mt, with a premium of around 50 yuan/mt against the SHFE. With the Chinese New Year holiday approaching, some downstream enterprises plan to start their holidays in mid or late January, leading to reduced inquiries and purchasing demand this week. Meanwhile, Ningbo traders actively cleared inventory by continuously lowering spot premium quotes during the week. Although some downstream enterprises bought the dip to restock, overall spot transactions were slightly weaker compared to last week. It is expected that more downstream enterprises will go on holiday next week, and Ningbo premiums may continue to decline.
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