Downstream enterprises have entered the holiday period one after another, and spot trades are sluggish [SMM Ningbo Spot Weekly Review].

Published: Feb 6, 2026 15:46

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[Downstream enterprises entered holidays successively, spot trades sluggish]: Spot premiums in Ningbo were low this week, down 20 yuan/mt WoW from the weekly average price. As of Friday, spot prices in Ningbo against the 2603 contract were at a discount of 20 yuan/mt, while against Shanghai premiums were at a premium of 10 yuan/mt, with the premiums against Shanghai fluctuating during the week.

SMM February 6:

Spot premiums in Ningbo remained low this week, down 20 yuan/mt WoW. As of Friday, spot prices in Ningbo were at a discount of 20 yuan/mt against the 2603 contract and a premium of 10 yuan/mt against Shanghai prices. The premium against Shanghai fluctuated during the week. The zinc futures price center declined steadily this week, prompting some traders to raise spot offers. However, as downstream enterprises in Ningbo began their holidays, their demand for zinc ingots decreased significantly. Spot transactions performed poorly this week, limiting the increase in spot premiums. Spot premiums are expected to remain low next week.

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