Ningbo Zinc: Downstream Cautious Amid High Prices, Trading Sluggish [SMM Midday Comment]

Published: Jul 31, 2026 13:19

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[Ningbo zinc: Downstream players are cautious at high prices, overall trading sluggish] The transaction price of mainstream brand 0# zinc in the Ningbo market was around 24,880-24,965 yuan/mt. Ningbo regular brands offered a premium of 5 yuan/mt against the 2609 contract and a premium of 25 yuan/mt against Shanghai spot zinc. Mainstream sellers in Ningbo were quoting against the 2609 contract...

SMM July 31 News:

Mainstream 0# zinc traded at 24,880-24,965 yuan/mt in the Ningbo market. Regular brands in Ningbo were quoted at a premium of 5 yuan/mt against the 2609 contract, and at a premium of 25 yuan/mt against Shanghai spot cargo. Mainstream quotes in Ningbo were primarily against the 2609 contract. In the first trading period, Yongchang was quoted at a premium of 10 yuan/mt against the 2609 contract, Qilin at a premium of 20 yuan/mt against the 2609 contract, Anning at a discount of 10 to a premium of 20 yuan/mt against the 2609 contract, and Honglu-v (99.998) at a premium of 110 yuan/mt against the 2608 contract. In the second trading period, traders' quotes were unchanged from the previous period. SHFE zinc futures prices edged up MoM in the morning. Downstream enterprises remained cautious due to high prices and stayed on the sidelines. Overall, market trading was sluggish today. Traders in the Ningbo market adopted a lackadaisical quoting approach, and spot premiums were basically stable from yesterday.

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