China’s import appetite was low with only some deals for bonded-warehouse cargoes
European zinc premiums flat although backwardation largely easing off
US market quiet once again
Southeast Asian lead premium stable with 2019 contractual terms in negotiations
Chinese zinc import appetite low
Fastmarkets’ Shanghai zinc premium on a cif basis was flat week on week at $145-155 per tonne on Tuesday January 15. There was low import interest in the spot market two weeks ahead of the week-long Lunar New Year holiday (February 4-10), although the import arbitrage jumped to $159.87 per tonne on January 11 from $18 on January 8.
The weekly premium for zinc bonded-warehouse ingots was also unchanged at $160-170 per tonne on Tuesday.
Some offices in China will gradually start close for the holiday this week and interest in doing business has been waning. No cif deals were reported, but there were some offers for bonded-warehouse cargoes ranging...