Shanghai zinc premium up amid import arbitrage opening
- Chinese domestic zinc stocks plummeted due to a recovery in demand
- Spot appetite for zinc and lead continues to improve in the US
- Zinc’s surging three-month London Metal Exchange price deterred spot business in Europe
The premiums for importing zinc into Shanghai rebounded for the first time in three months after an import arbitrage window opened recently, while the spot availability of zinc remained low.
Fastmarkets’ assessment of the zinc SHG min 99.995% ingot premium, cif Shanghai
, rose by $10 per tonne to $80-90 per tonne on Tuesday September 15, the premium’s first change since June 16.
Similarly, the corresponding zinc min 99.995% ingot premium, in-whs Shanghai
, was up by $10 per tonne to $90-100 per tonne on Tuesday.
“The [zinc] import arbitrage gain reached the highest since January 18, 2019, at 328 yuan ($48) per tonne today, but...