Tumbling demand for zinc in Northern Europe sent spot premiums in Rotterdam and Antwerp to their lowest levels in 15 years in the week to Tuesday May 5, while US market participants were also wary of a possible drop in premiums in the coming weeks due to soft demand.
Spot zinc premiums for Northern Europe sank to their lowest levels in 15 years. US zinc premiums steady week on week but market participants are cautious of the effect of continually weak demand. LME's on-warrant zinc stock rose to 91,000 tonnes on May 6 from 87,400 tonnes a week ago. Factories in India could restart operations this week due to an easing of lockdown measures but spot demand for lead was yet to return this week. Lead traders are struggling to collect payment for cargoes arriving in India and Malaysia. Northern European zinc premiums widen as demand wanes
Rotterdam and Antwerp zinc premiums fell at the low end of the range on Tuesday, with continually weak demand for material making trade possible at lower levels.
Fastmarkets' assessment of the zinc special high grade (SHG) min 99.995% ingot premium, dp fca Antwerp was $60-80 per tonne, down $10 per tonne...