Participants pessimistic about Chinese zinc ingot market
2014-03-13 10:01:28 [Print]
BEIJING (Asian Metal) 13 Mar 14 - Chinese zinc ingot price kept moving at a low level on Wednesday, and trading kept sluggish. Most participants believed zinc fundamental will keep weak and the price will lack upward momentum in the near term.
A trader from Guangdong offered SHG zinc ingot at RMB14,750/t (USD2,406/t) in the spot market on Wednesday, down slightly by RMB10/t (USD2/t) compared with that on Tuesday. “Consumers are inactive in purchasing zinc ingot due to the weak demand and it’s very hard for us to sell the metal now,” said the source.
They sold about 100t of zinc ingot on Wednesday while the sales volume can reach 400-500tpd in the busy season. The source reported that many enterprises lack capitals, and the zinc fundamental may not get better in China, so he thinks the price may keep at the low level in the near term.
Another Guangdong-based trader with the sales volume of 10,000tpm reported that SHG zinc ingot price was about RMB14,730-14,750/t (USD2,407-2,406/t) in the spot market on Wednesday, little change compared with that on Tuesday. “Trading for zinc ingot has kept weak for one month, and we do not think it will turn active in the following weeks,” said the source.
He is pessimistic about Chinese zinc market. The economic growth slows down, and the government pays high attention to environmental protection in China. In this case, zinc market will keep weak in 2014.
A trader from Guangdong offered SHG zinc ingot at RMB14,750/t (USD2,406/t) in the spot market on Wednesday, down slightly by RMB10/t (USD2/t) compared with that on Tuesday. “Consumers are inactive in purchasing zinc ingot due to the weak demand and it’s very hard for us to sell the metal now,” said the source.
They sold about 100t of zinc ingot on Wednesday while the sales volume can reach 400-500tpd in the busy season. The source reported that many enterprises lack capitals, and the zinc fundamental may not get better in China, so he thinks the price may keep at the low level in the near term.
Another Guangdong-based trader with the sales volume of 10,000tpm reported that SHG zinc ingot price was about RMB14,730-14,750/t (USD2,407-2,406/t) in the spot market on Wednesday, little change compared with that on Tuesday. “Trading for zinc ingot has kept weak for one month, and we do not think it will turn active in the following weeks,” said the source.
He is pessimistic about Chinese zinc market. The economic growth slows down, and the government pays high attention to environmental protection in China. In this case, zinc market will keep weak in 2014.
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