SMM, February 28: This week, spot premiums in Ningbo first declined and then rose, up 5 yuan/mt WoW compared to the weekly average price. As of this Friday, spot prices against the 2503 contract were quoted at a premium of 30 yuan/mt, with a similar premium of around 30 yuan/mt against SHFE. In the first half of the week, some traders offloaded zinc ingots at low prices as their stocks were nearing expiration, impacting the market. Consequently, spot premiums in Ningbo dropped, coupled with a continuous decline in the futures market. Downstream zinc alloy plants actively purchased at lower prices, leading to relatively strong spot transactions. In the latter half of the week, as zinc ingot shipments at the port were completed, shipments in the Ningbo market decreased. Some traders were reluctant to sell at low prices and successively raised spot premium quotes. However, downstream enterprises had already made significant purchases earlier, resulting in sufficient inventory and gradually weakening transactions. Spot premiums in Ningbo are expected to remain volatile next week.
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