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As Chinese New Year Approaches, Tianjin Spot Zinc Ingot Gradually Declines [SMM Analysis]
Jan 16, 2025, at 11:20 am
[Spot Zinc Ingot Prices Gradually Decline in Tianjin as Chinese New Year Approaches] According to the SMM survey, premiums in the Tianjin region are gradually decreasing. What are the reasons behind this? How will premiums and discounts evolve going forward? ......
SMM, January 17: According to an SMM survey, premiums in Tianjin have gradually declined. What are the reasons behind this? How will the premiums and discounts evolve in the future? SMM provides the following analysis:
Supply side, the production of mainstream smelters in Tianjin was relatively normal in December, and some smelters are expected to increase production, leading to a rise in zinc ingot production. By the end of December, the spot zinc supply in Tianjin had somewhat eased. However, entering January, production issues emerged at some northern smelters, affecting part of the output. Additionally, as the Chinese New Year approaches, transportation has gradually come to a halt, limiting the shipment of zinc ingots. As a result, arrivals at Tianjin warehouses have been relatively low, and inventory has not accumulated as expected. Meanwhile, downstream demand has pulled back significantly, leading to relatively small demand for zinc ingots. Traders, eager to clear inventory before year-end, have continuously lowered premiums to facilitate sales.
Demand side, northern consumption in January experienced a sharp decline. In Tianjin, downstream zinc consumption is primarily driven by galvanising enterprises. Among them, orders for galvanised square pipes have weakened significantly due to end-users halting operations for the holiday. Ferrous metals prices have also pulled back, resulting in poor sales of galvanised pipes. As the Chinese New Year approaches, transportation has gradually ceased, and many galvanised pipe traders have already gone on holiday. Although the market is relatively short on supply, downstream demand is even weaker. Despite a mid-term pullback in zinc prices, enterprises have mostly opted for locked pricing, with zinc ingots to be delivered after the holiday.
With more holidays in January, premiums in Tianjin are expected to decline further.
》Click to view the SMM Metal Industry Chain Database
