SMM October 17 News:
Spot premiums in Ningbo rose significantly this week, up 30 yuan/mt WoW. As of Friday, spot prices against the 2511 contract were at a premium of 25 yuan/mt, while the premium against Shanghai prices was 70 yuan/mt, with the premium against Shanghai widening during the week. In the first half of the week, futures fluctuated, some downstream locked-price zinc ingots arrived gradually, raw material inventory was relatively ample, and enterprises showed low purchase willingness for zinc ingots, with spot discounts basically stable; however, in the second half of the week, as zinc ingots were gradually consumed, market supply decreased, traders showed reluctance to budge on prices again, and spot offers rose all the way. It is expected that with the arrival of long-term contract zinc ingots next week, spot premiums may see limited increases.
