SMM September 19: Spot premiums in Tianjin held steady this week, flat WoW. As of Friday, domestic standard brands were quoted at discounts of 30-60 yuan/mt against the 2510 contract, while premium brands were quoted at discounts of 0-10 yuan/mt against the 2510 contract. Tianjin prices were on par with Shanghai prices, and the Shanghai-Tianjin price spread narrowed. Zinc prices continued to pull back this week to levels more acceptable to downstream enterprises, leading to increased point pricing and gradual cargo pick-up. However, maintenance at some smelters in the north reduced arrivals in Tianjin, resulting in a decline in overall inventory. With prices too low, some smelters and traders showed reluctance to sell, and traders' selling premiums rose slightly. Some downstream enterprises plan to stockpile before the holiday next week, but as some smelters resume operations from maintenance, market supply is expected to increase further. Premiums are likely to hold steady with a slight increase.
