China's tendered zinc sells at big discount in second round

Chinese downstream fabricators actively bid for discounted zinc during the second round of state auctions, with the 50,000 tonnes of zinc almost sold out on Thursday on July 30, sources said.

The discount stands at around 1,500 yuan - including shipment fee calculation - and has considerably catalyzed the sell-off, sources added. 
Winning bids from zinc fabricators ranged from 19,000-21,000 yuan per tonne ($2932.73-3241.44 per tonne), lower than bids of 21,100-21,200 yuan per tonne for the initial batch on July 5-6. Zinc had the biggest discount when compared to the other two released metals, copper and aluminium.

The zinc Shanghai Futures Exchange daily price closed at 22,350 yuan per tonne ($3,450.3 per tonne) on July 29, up by 40 yuan ($6.18)...

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