Slow Downstream Resumption of Work and Inactive Market [SMM Tianjin Zinc Spot Weekly Review]

Published: Feb 27, 2026 16:21

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[Slow Resumption of Downstream Work and Inactive Market]: Spot premiums in Tianjin rose slightly this week, up 5 yuan/mt WoW from pre-holiday levels. As of Friday, domestic generic brands were quoted at a discount of 50 yuan/mt to a premium of 20 yuan/mt against the 2603 contract, while premium brands were quoted at a premium of 10–40 yuan/mt against the 2603 contract. Tianjin market was quoted at a discount of about 20 yuan/mt against Shanghai market, narrowing the price spread between Shanghai and Tianjin.

SMM February 27: Spot premiums in the Tianjin area rose slightly this week, up 5 yuan/mt WoW from before the holiday. As of Friday, domestic standard brands were quoted at a discount of 50 yuan/mt to a premium of 20 yuan/mt against the 2603 contract, while premium brands were quoted at a premium of 10-40 yuan/mt against the 2603 contract. Tianjin prices were at a discount of about 20 yuan/mt against Shanghai prices, and the Shanghai-Tianjin price spread narrowed. Zinc prices mainly fluctuated within a range this week, but downstream operations were largely still on holiday, with a slow pace of resumption. Traders also gradually resumed work, but market transactions were not active, and premiums fluctuated within a range. It is expected that premiums may rebound slightly after downstream operations resume next week.

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