SMM October 10: This week, spot premiums in the Tianjin region remained unchanged compared to pre-holiday levels. As of Friday, domestic standard brands were quoted at a discount of 50 yuan/mt to a premium of 20 yuan/mt against the 2511 contract, while premium brands were quoted at a premium of 20-80 yuan/mt against the 2511 contract. Tianjin market premiums against Shanghai were around 10 yuan/mt. Zinc prices continued to rise this week, but downstream users had previously priced and picked up a significant volume of goods, which arrived gradually during the holiday. Downstream zinc ingot inventory remained high, leading to weak purchasing sentiment. However, due to transportation issues during the National Day holiday, Tianjin inventory experienced slight destocking, and traders raised their selling premiums. Subsequently, as shipments normalized and zinc ingots arrived gradually, premiums edged lower. With the export window opening, market attention turned to zinc ingot export conditions. Premiums are expected to hold steady with minor fluctuations.
