Chinese zinc ingot market holds negative attitudes
2024-03-14 08:24:55 [Print]
BEIJING (Asian Metal) 14 Mar 24 – Most buyers of zinc ingot hold back from purchasing due to weak demand and increased prices at the moment. Therefore, insiders predict that the mainstream prices of Chinese zinc ingot would edge down in the coming week. The current mainstream prices of zinc ingot 99.995%min stand at RMB21,230-21,330/t (USD2,948-2,963/t) D/P Foshan warehouse, up by about RMB10/t (USD1.4/t) from yesterday.
A trader in Guangdong noted that they quoted RMB21,305/t (USD2,959/t) D/P in warehouse Foshan with no concessions for zinc ingot 99.995%min in Foshan warehouse today, while they would like to sell at RMB21,295/t (USD2,958/t) yesterday. "We sold about 200t at RMB21,305/t (USD2,959/t) today and sold about 300t at RMB21,295/t (USD2,958/t) yesterday" said the trader, who complained that most buyers purchased from hand to mouth presently due to weak demand and increased prices, while they could sell at least about 400tpd early last week. They predict that the mainstream prices of Chinese zinc ingot would edge down in the coming week.
The trader, with a regular monthly sales volume of about 15,000t of zinc ingot, would sell about 10,000t in March, almost identical to last month. They sold about 30,000t so far in 2024 and nearly about 100,000t in 2023. They hold no stocks at the moment, unchanged MoM.
"We offered RMB21,310/t (USD2,960/t) D/P in warehouse Foshan for zinc ingot 99.995%min today and could accept RMB21,305/t (USD2,959/t) for firm bids, while we refused prices less than RMB21,295/t (USD2,958/t) yesterday", another trader in Guangdong mentioned. They sold about 100t at RMB21,305/t (USD2,959/t) today and sold about the same volume at RMB21,295/t (USD2,958/t) yesterday. They could sell about 200-300tpd early last week, when prices of zinc ingot did not increase. Considering the watchful attitudes from most buyers, they anticipate that the mainstream prices of Chinese zinc ingot would edge down in the week to come.
On basis of a typical monthly trading volume about 8,000t of zinc ingot, the trader would sell about 5,000t in March, almost stable from last month. They hold no stocks presently, stable from late last month.
A trader in Guangdong noted that they quoted RMB21,305/t (USD2,959/t) D/P in warehouse Foshan with no concessions for zinc ingot 99.995%min in Foshan warehouse today, while they would like to sell at RMB21,295/t (USD2,958/t) yesterday. "We sold about 200t at RMB21,305/t (USD2,959/t) today and sold about 300t at RMB21,295/t (USD2,958/t) yesterday" said the trader, who complained that most buyers purchased from hand to mouth presently due to weak demand and increased prices, while they could sell at least about 400tpd early last week. They predict that the mainstream prices of Chinese zinc ingot would edge down in the coming week.
The trader, with a regular monthly sales volume of about 15,000t of zinc ingot, would sell about 10,000t in March, almost identical to last month. They sold about 30,000t so far in 2024 and nearly about 100,000t in 2023. They hold no stocks at the moment, unchanged MoM.
"We offered RMB21,310/t (USD2,960/t) D/P in warehouse Foshan for zinc ingot 99.995%min today and could accept RMB21,305/t (USD2,959/t) for firm bids, while we refused prices less than RMB21,295/t (USD2,958/t) yesterday", another trader in Guangdong mentioned. They sold about 100t at RMB21,305/t (USD2,959/t) today and sold about the same volume at RMB21,295/t (USD2,958/t) yesterday. They could sell about 200-300tpd early last week, when prices of zinc ingot did not increase. Considering the watchful attitudes from most buyers, they anticipate that the mainstream prices of Chinese zinc ingot would edge down in the week to come.
On basis of a typical monthly trading volume about 8,000t of zinc ingot, the trader would sell about 5,000t in March, almost stable from last month. They hold no stocks presently, stable from late last month.
