SMM Oct 17: Spot premiums in the Tianjin area rose slightly this week, up about 10 yuan/mt WoW. As of Friday, domestic common brands were quoted at discounts of 0-50 yuan/mt against the 2511 contract, while premium brands were quoted at premiums of about 100 yuan/mt against the 2511 contract. Tianjin spot prices were at a premium of about 10 yuan/mt against Shanghai spot prices. Zinc prices pulled back this week, but downstream consumers had previously priced and picked up goods in large quantities, leading to high zinc ingot inventory and weak purchase sentiment. Downstream players mainly focused on digesting inventories and maintained a bearish outlook. Zinc ingot inventory in Tianjin saw a slight buildup. Currently, the export window is open, and a small number of traders have export plans. Market supply is slightly tight, and premiums rose. Premiums are expected to hold steady with a slight increase going forward.
