Weekly US zinc alloy prices were mostly unchanged on Tuesday, as the market began settling after a panic-induced sell-off Monday caused by the news on coronavirus.
The Davis Index for Zamak #3 was flat at $1.25/lb del US consumer, while Zamak #2 rose by 2¢/lb to $1.30/lb. Zamak #5 was unchanged at $1.27/lb, as was Zamak #7 at $1.28/lb.
The Davis Index for zinc alloys ZA 27 and ZA 8 remained at $1.23/lb and $1.25/lb, respectively, while ZA 12 increased by a penny to $1.23 from last week.
Certain variables dictated LME zinc’s decline over the past week, according to market participants who expect business to return to normal once the market settles. Along with other base metals, LME zinc slid during the week because of frenzied selling following news the coronavirus could affect trade and supplies.
The three-month LME official zinc prices fell by more than $175/mt within a week to close Tuesday at $2,254/mt, compared to $2,432.5/mt last week.