Zinc premiums were largely flat in inactive spot markets in the week to Tuesday January 30, with the exception of Southeast Asian market, thanks to growing galvanizing demand in Vietnam, while lead premiums were steady on weak spot demand.
Zinc premium for Southeast Asia ticked up on growing galvanizing demand from Vietnam, but were largely unchanged elsewhere LME zinc price set a new 10-year high at $3,584 per tonne on Monday. The backwardation in the cash/three-month spread widened to $50 per tonne, increasing financing costs Lead premiums were also unchanged as the global spot market is reluctant to engage at high LME prices Southeast Asia zinc premium ticks up, largely unchanged elsewhere Optimism on Vietnam's burgeoning galvanizing industry is boosting national demand for zinc, the major raw material used for galvanizing, in the year ahead, market participants told Metal Bulletin. Delivery to Vietnam on a cif basis were heard to be settled at premiums in the $170s per tonne this week. Metal Bulletin assessed the Southeast Asia cif zinc premiums at a wider range of $160-180 per tonne, compared to $160-170 per tonne a week ago. Yet spot trading...