Chinese zinc ingot market holds bearish attitudes
2024-04-17 08:34:10 [Print]
BEIJING (Asian Metal) 17 Apr 24 – Most end users hold back from purchasing at the moment due to high prices and weak demand, but most traders purchase actively presently. most market participants hold bearish attitude and predict that the mainstream prices of Chinese zinc ingot would edge down further in the coming two days. They current mainstream prices of zinc ingot 99.995%min stand at RMB22,150-22,250/t (USD3,055-3,069/t) D/P in warehouse Tianjin, down by about RMB480/t (USD66/t) from yesterday.
A producer in Inner Mongolia notes that they quote RMB22,160/t (USD3,057/t) EXW D/P for zinc ingot 99.995%min today and would like to sell at RMB22,130/t (USD3,052/t) for firm bids, while they refused prices less than RMB22,600/t (USD3,117/t) yesterday. "We sold about 200t at RMB22,130/t (USD3,052/t) today and sold about 300t at RMB22,600/t (USD3,117/t) yesterday", said the producer, who added that only traders can accept such high prices, most end users seldom placed orders in the past two weeks. They predict that the mainstream prices of Chinese zinc ingot would edge down further in the coming two days.
The producer, with an annual production capacity of 240,000t of zinc ingot, would produce about 18,000t in April, almost stable from last month. They produced about 54,000t in Q1 2024 and nearly 200,000t in 2023. They hold no stocks at the moment, stable from late last month.
"We offer RMB21,940/t (USD3,026/t) EXW D/P for zinc ingot 99.995%min with no concessions today, while we would like to sell at RMB22,420/t (USD3,092/t) yesterday", another producer in Hunan disclosed. They sold about 60t at RMB21,940/t (USD3,026/t) to trader today and sold about the same volume at RMB22,420/t (USD3,092/t) to trader yesterday. Considering that most market participants hold bearish attitudes, they anticipate that the mainstream prices of Chinese zinc ingot would edge down in the coming two days.
On basis of an annual production capacity of 50,000t of zinc ingot, the producer would produce about 1,800t in April, on par with last month. They achieved an output of about 6,000t in the first four months in 2024 and produced about 18,000t in 2023. They hold no inventories at the moment, unchanged MoM.
A producer in Inner Mongolia notes that they quote RMB22,160/t (USD3,057/t) EXW D/P for zinc ingot 99.995%min today and would like to sell at RMB22,130/t (USD3,052/t) for firm bids, while they refused prices less than RMB22,600/t (USD3,117/t) yesterday. "We sold about 200t at RMB22,130/t (USD3,052/t) today and sold about 300t at RMB22,600/t (USD3,117/t) yesterday", said the producer, who added that only traders can accept such high prices, most end users seldom placed orders in the past two weeks. They predict that the mainstream prices of Chinese zinc ingot would edge down further in the coming two days.
The producer, with an annual production capacity of 240,000t of zinc ingot, would produce about 18,000t in April, almost stable from last month. They produced about 54,000t in Q1 2024 and nearly 200,000t in 2023. They hold no stocks at the moment, stable from late last month.
"We offer RMB21,940/t (USD3,026/t) EXW D/P for zinc ingot 99.995%min with no concessions today, while we would like to sell at RMB22,420/t (USD3,092/t) yesterday", another producer in Hunan disclosed. They sold about 60t at RMB21,940/t (USD3,026/t) to trader today and sold about the same volume at RMB22,420/t (USD3,092/t) to trader yesterday. Considering that most market participants hold bearish attitudes, they anticipate that the mainstream prices of Chinese zinc ingot would edge down in the coming two days.
On basis of an annual production capacity of 50,000t of zinc ingot, the producer would produce about 1,800t in April, on par with last month. They achieved an output of about 6,000t in the first four months in 2024 and produced about 18,000t in 2023. They hold no inventories at the moment, unchanged MoM.
