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Tianjin Zinc: Downstream Bought the Dip More in the Past Two Days, Transactions Weakened Today [SMM Midday Review]
Feb 27, 2025, at 11:54 am
[Tianjin Zinc: Downstream Bought the Dip in the Past Two Days, Transactions Weakened Today]: The mainstream transaction price of #0 zinc ingot in the Tianjin market was 23,450-23,560 yuan/mt, Zijin traded at 23,490-23,600 yuan/mt, and #1 zinc ingot traded around 23,340-23,440 yuan/mt. Huludao was quoted at 26,870 yuan/mt. Ordinary #0 zinc ingot was quoted at a discount of 30 to a premium of 10 yuan/mt against the 2503 contract, while Zijin was quoted at a premium of 30-50 yuan/mt against the 2503 contract. The Tianjin market was at a discount of around 10 yuan/mt compared to the Shanghai market...
SMM, February 27: In the Tianjin market, mainstream transactions of #0 zinc ingot were concluded at 23,450-23,560 yuan/mt, Zijin transactions at 23,490-23,600 yuan/mt, and #1 zinc ingot at around 23,340-23,440 yuan/mt. Huludao was quoted at 26,870 yuan/mt. Ordinary #0 zinc ingot was quoted at a discount of 30 yuan/mt to a premium of 10 yuan/mt against the 2503 contract, while Zijin was quoted at a premium of 30-50 yuan/mt against the 2503 contract. The Tianjin market was at a discount of around 10 yuan/mt compared to the Shanghai market. By the midday close, New Zijin was quoted on par with the March contract at 0-10 yuan/mt, Xikang at a discount of 20-30 yuan/mt, and Bailing at a discount of 0-10 yuan/mt. High-priced brand Zijin was quoted at a premium of 30-50 yuan/mt against the March contract. The futures market continued to pull back today. Downstream buyers had made significant purchases on a pricing basis over the past two days, while today's purchases were mainly for restocking on a need basis. Some enterprises remained bearish, and with substantial purchases made in the past two days, Tianjin zinc ingot inventory declined. Traders showed a slight tendency to stand firm on quotes, leading to a small increase in premiums. Overall, market transactions were weaker compared to the past two days.
