SMM December 31:
Spot premiums in Ningbo fluctuated at highs this week, up 25 yuan/mt WoW on a weekly average price basis. As of Friday, spot prices in Ningbo were at a premium of 260 yuan/mt against the 2601 contract and a premium of 140 yuan/mt against Shanghai prices, with the premium against Shanghai remaining high during the week. Ahead of the New Year holiday, spot zinc ingot offers in the Ningbo market were scarce this week, with most traders quoting passively, and overall spot premiums continued to rise. Downstream enterprises showed divergent performances: some enterprises short of inventory still made purchases at high prices, while others had completed earlier stockpiling, leading to relatively sluggish spot transactions during the week. Post-holiday restocking demand from downstream enterprises is expected, and spot premiums are likely to remain high.
