SMM

       This week, premiums and discounts in Guangdong remained basically flat compared to last week. As of Friday, the mainstream 0# zinc quotations in Guangdong were at a discount of 65~15 yuan/mt against the market. The Shanghai-Guangdong price spread narrowed. Traders showed strong reluctance to budge on prices during the week, leading to a significant upward trend in premiums and discounts. From the supply and demand perspective, arrivals in Guangdong increased MoM this week, while the decline in zinc prices drove a rebound in downstream procurement enthusiasm, improving market demand and leading to an upward trend in premiums and discounts. Currently, actual consumption in the Guangdong market is relatively sluggish, with order demand in various downstream sectors of zinc being relatively average. Despite maintenance at some smelters recently, the spot volume in the market can still meet current demand. It is expected that discounts in Guangdong Province will maintain a fluctuating trend next week.