Tianjin Zinc: Weak Operating Rates in North China, Poor Zinc Ingot Demand [SMM Midday Review]

Published: Jul 28, 2026 11:55

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[Tianjin Zinc: Weak Operating Rates in the North, Poor Zinc Ingot Demand] In the Tianjin market, #0 zinc ingot mainstream transactions were at 24,620-24,790 yuan/mt, Zijin traded at 24,760-24,870 yuan/mt, #1 zinc ingot traded at around 24,620-24,730 yuan/mt. Zijin was quoted at a premium of 20-30 yuan/mt against the 2608 contract, Huzinc was quoted at 26,015 yuan/mt, #0 zinc ingot was quoted at a discount of 60-120 yuan/mt against the 2608 contract, and Tianjin was quoted at a discount of around 95 yuan/mt against Shanghai.

SMM July 28 news: In the Tianjin market, #0 zinc ingot mainstream transactions were at 24,620-24,790 yuan/mt, Zijin traded at 24,760-24,870 yuan/mt, and #1 zinc ingot traded near 24,620-24,730 yuan/mt. Zijin offered a premium of 20-30 yuan/mt against the 2608 contract, Huxin was quoted at 26,015 yuan/mt, and #0 zinc ingot was quoted near a discount of 60-120 yuan/mt against the 2608 contract, with Tianjin quoted at a discount of 95 yuan/mt against Shanghai. As of the morning session close, the high-end brand Zijin offered a premium of 20-30 yuan/mt against the 2608 contract, while Xinzi offered a discount of 60 yuan/mt against the 2608 contract. On the day, the buying sentiment for refined zinc in Tianjin was 1.9, and the selling sentiment was 2.51. Futures continued to consolidate at highs, leaving downstream users cautious about buying due to high prices, mainly consuming finished products and seeing relatively poor operating rates. Traders' selling premiums were largely stable, and overall transactions were average.

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