MYSTEEL: Chinese zinc prices drop as transactions wane

ABSTRACT
China's national average price of zinc ingot (at least 99.995%) under Mysteel's assessment fluctuated last week, eventually dropping from a one-month high to reach Yuan 26,163/tonne ($3,886.3/t) including the 13% VAT as of June 10, a decrease of Yuan 206/t from June 2. The price lost more ground last weekend, falling by another Yuan 80/t to Yuan 26,083/t as of Monday June 13.

Continuing to impact market confidence for nonferrous metals last week was the ongoing trading scandal in South China's Foshan city where aluminum ingots had been pledged to multiple financial backers, as reported. This continues to stir concerns among participants in the zinc market, significantly dampening transaction activity last week,