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Tianjin Zinc: Futures Market Pulled Back Slightly, but Downstream Still Holds a Bearish Sentiment [SMM Midday Review]
Mar 10, 2025, at 11:48 am
[Tianjin Zinc: Futures Market Pulled Back Slightly, But Downstream Still Holds Bearish Sentiment]: The mainstream transaction price of #0 zinc ingot in the Tianjin market was 23,720-23,930 yuan/mt, Zijin traded at 23,790-23,970 yuan/mt, and #1 zinc ingot traded around 23,630-23,790 yuan/mt. Huludao was quoted at 27,200 yuan/mt. Ordinary #0 zinc ingot was quoted at a discount of 30 to a premium of 40 yuan/mt against the 2504 contract, while Zijin was quoted at a premium of 0-70 yuan/mt against the 2504 contract. The Tianjin market was quoted at a discount of around 10 yuan/mt compared to the Shanghai market.
SMM March 10: In the Tianjin market, mainstream transactions of #0 zinc ingot were concluded at 23,720–23,930 yuan/mt, Zijin transactions at 23,790–23,970 yuan/mt, and #1 zinc ingot at around 23,630–23,790 yuan/mt. Huludao was quoted at 27,200 yuan/mt. Ordinary #0 zinc ingot was quoted at a discount of 30 to a premium of 40 yuan/mt against the 2504 contract, while Zijin was quoted at a premium of 0–70 yuan/mt against the 2504 contract. The Tianjin market was quoted at a discount of around 10 yuan/mt compared to the Shanghai market. By the midday close, New Zijin was quoted at a premium of 20–40 yuan/mt against the 04 contract, Xikang at a discount of 20–30 yuan/mt, Bailing at around 40 yuan/mt, and high-end brand Zijin at a premium of 40–70 yuan/mt against the 04 contract. The futures market pulled back today, but downstream players maintained a bearish sentiment, with only limited restocking for immediate needs. Coupled with the fact that most restocking had already been completed early last week, and northern regions were still under environmental protection-driven production restrictions, overall demand remained weak with low purchasing enthusiasm. Additionally, some traders still stood firm on quotes for warehouse-delivered zinc ingot, while most traders kept their offers stable. Overall, market transactions were sluggish.
