The weekly Davis Index for US zinc scrap remained unchanged amid weakening demand. The Index for new zinc diecast remained unchanged on Monday at 74¢/lb and was flat for zinc galvanizers top dross and bottom dross at 73¢/lb and 76¢/lb, respectively.

 

Buyers are not willing to make new bids as they try to gauge the impact of the coronavirus outbreak on domestic and international trade after the end of the extended Chinese Lunar New Year holiday this week. Sellers too are looking for cues to determine their offers in a market where base metal prices have declined across the board over the past two weeks.

 

Market participants expect prices to decrease moving into the week as demand for zinc decreases amid soft market fundamentals and declining LME prices. The three-month official LME zinc slid further on Monday to close at $2,187.50/mt down $92.50/mt from $2,279/mt Jan 27 and dropping by $12.50 from Friday’s close of $2,200/mt.

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