Guangdong Zinc: High Prices Suppress Market Demand, Downstream Demand Remains Weak[SMM Midday Review]

Published: Jul 31, 2026 13:06

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[Guangdong: High Prices Suppress Market Demand, Downstream Demand Performance Is Relatively Weak] Guangdong mainstream 0# zinc was transacted at 24,785-24,855 yuan/mt, with mainstream brands quoting discounts of 120-75 yuan/mt against contract 2609 and a discount of 70 yuan/mt against Shanghai spot, and the Shanghai-Guangdong price spread remained...

SMM July 31: Mainstream 0# zinc in Guangdong traded at 24,785-24,855 yuan/mt. Mainstream brands quoted a discount of 120-75 yuan/mt against the 2609 contract, and a discount of 70 yuan/mt against Shanghai spot zinc. The Shanghai-Guangdong price spread remained stable. Suppliers quoted discounts of 120-75 yuan/mt for Qilin, Mengzi, Anning, and Lan zinc. The purchasing sentiment for refined zinc in Guangdong was 1.85, and the sales sentiment was 2.42. The futures center rose, leading to evident fear of high prices among downstream buyers. Demand turned more sluggish under price pressure, the trading atmosphere was sluggish, and spot premiums fluctuated at low levels.

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