Downstream enterprises actively priced on dips, and spot premiums rose consecutively [SMM Shanghai Spot Weekly Review]

Published: Jun 26, 2026 13:33

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[Downstream enterprises actively priced at lows; spot premiums rose consecutively]: This week, Shanghai spot premiums rebounded from lows, up 10 yuan/mt WoW from the weekly average. As of Friday this week, ordinary domestic brands offered premiums of 0-10 yuan/mt against the 2607 contract, while high-end brand Shuangyan offered a premium of 100 yuan/mt against the 2607 contract..

SMM June 26:

This week, Shanghai spot premiums rebounded from lows, with the weekly average up 10 yuan/mt WoW. As of this Friday, ordinary domestic brands quoted spot premiums of 0-10 yuan/mt against the 2607 contract, while the premium brand Shuangyan was quoted at a premium of 100 yuan/mt against the 2607 contract. This week, the Shanghai market was well-supplied, with many traders offering shipments. As the center of zinc futures prices moved lower during the week, buying sentiment among downstream enterprises surged. They took the opportunity to continuously purchase on dips at favorable prices, and spot trading in Shanghai improved significantly, with traders actively shipping out cargoes. Zinc ingot premiums rose accordingly. However, given heavy purchases by downstream enterprises this week, with some having already completed stockpiling for next week, the further upside room for spot premiums next week is expected to be relatively limited.

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