Zinc premiums in Europe dropped while the backwardation remained wide this week, while lower lead prices increased spot interest in India and Southeast Asian countries, driving lead premiums higher.
The zinc premium for Rotterdam is at its lowest level since August 2009, while the Antwerp level is at its lowest since the price assessment launched in 2017. The backwardation in the London Metal Exchange spreads stayed at a three-digit level, widening to $113 per tonne as of Wednesday May 8 afternoon. There were more inquiries in India and Southeast Asia because consumers are willing to pay a higher premium after lead prices dropped.European zinc premiums remain at multi-year lows The tightness in the LME spreads continued to weigh on spot zinc premiums this week. Fastmarkets assessment for the premium for special high-grade (SHG) zinc dropped to $90-102 per tonne on May 7, fca Rotterdam, from $95-105 per tonne last week.Fastmarkets assessment of the premium for 99.995% zinc, Antwerp was at $90-102 per tonne, duty paid fca, on May 7,...