Shanghai Zinc Ingot Inventory Buildup Significant, Awaiting Subsequent Downstream Production Resumptions [SMM Shanghai Spot Cargo Weekly Review]

Published: Feb 27, 2026 15:53

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[Shanghai Zinc Ingot Inventory Buildup Significant, Awaiting Subsequent Downstream Production Resumptions]: Spot discounts in Shanghai widened this week, with the average price down by 10 yuan/mt compared to pre-holiday levels. As of Friday, spot discounts for common domestic brands against the 2603 contract were 30-20 yuan/mt, while the premium for the high-priced brand Shuangyan against the 2603 contract was 80-90 yuan/mt.

SMM February 27 News: Spot discounts in Shanghai widened this week, with the average price down 10 yuan/mt from pre-holiday levels. As of Friday, spot discounts for common domestic brands against the 2603 contract were 30-20 yuan/mt, while premiums for the high-priced Shuangyan brand against the 2603 contract were quoted at 80-90 yuan/mt. Zinc futures prices maintained a fluctuating trend this week. With zinc ingots in transit during the Chinese New Year holiday arriving successively, Shanghai zinc ingot inventory increased significantly. Market traders actively offered shipments, but downstream enterprises had not fully resumed operations, leading to weak zinc ingot demand. Traders faced sluggish shipments, and spot premiums weakened during the week. Shanghai premiums are expected to maintain a fluctuating trend next week.

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