Spot premiums for special high-grade (SHG) zinc ingots recovered slightly in Europe after falling to historical lows last week, though an extreme backwardation on the London Metal Exchange cash/three-month spread persists.
In the US, falling auto sales have dampened demand for car battery manufacturing, weakening sentiment for lead although premiums remained stable week on week. High demand persists in the European zinc market, as reflected in high cash prices. European zinc premiums recovered slightly after falling to record lows last week. Indian steel makers to return to market next month after new government takes office, giving boost to Indian zinc demand. Lead premiums in India widened downward on inflow of cheaper Iranian units, while demand stays strong on LME price declines. Falling auto sales in the US have dampened demand for lead, as car battery manufacturers have reduced production. European zinc premiums rise slightly Spot premiums for SHG zinc ingots rose in northern Europe in the week to Tuesday May 21 after falling to record lows last week. Fastmarkets assessed the both premiums of SHG zinc basis fca Rotterdam and fca Antwerp at...