The Shanghai seaborne market is down to the lowest levels in Fastmarkets historical data, while Europe is just $5 per tonne away that same record.
Shanghai zinc premiums topple on rising inventories, slack buying
- Shanghai zinc premiums at record lows
- Exchange stocks rising on LME and SHFE
- Secondary lead premiums remain high in India
Premiums for zinc in Shanghai fell to record lows this week due to the wide London Metal Exchange backwardation and supply surpassing demand in China.
Fastmarkets’ Shanghai SHG zinc premium
fell to $70-80 per tonne on Tuesday June 25, down by $10 from one week ago.
The spot premium is now half of the $150-160 per tonne locked into annual contracts between major overseas smelters and Chinese importers.
Meanwhile, the assessment of the Shanghai bonded-warehouse zinc premium
slid to $80-90 per tonne on Tuesday, $10 lower than the prior week.