Tianjin Zinc: High Zinc Prices Unbearable for Downstream [SMM Midday Review]

Published: Aug 5, 2026 11:49

Save

[Tianjin Zinc: High Zinc Prices Unbearable for Downstream] In the Tianjin market, mainstream transactions of #0 zinc ingot were at 24,980-25,300 yuan/mt, Zijin transactions were at 25,080-25,360 yuan/mt, #1 zinc ingot transactions were around 24,980-25,220 yuan/mt, Zijin was quoted around a discount of 20 yuan/mt to a premium of 30 yuan/mt against the 2609 contract, Huxin was quoted at 26,480 yuan/mt, #0 zinc ingot was quoted at a discount of 30-120 yuan/mt against the 2609 contract, and the Tianjin market was quoted at a discount of around 110 yuan/mt against Shanghai.

SMM, August 5: In the Tianjin market, #0 zinc ingot mainly traded at 24,980-25,300 yuan/mt, Zijin traded at 25,080-25,360 yuan/mt, and #1 zinc ingot traded near 24,980-25,220 yuan/mt. Zijin was quoted at a discount of 20 yuan/mt to a premium of 30 yuan/mt against the 2609 contract, Huzinc was quoted at 26,480 yuan/mt, and #0 zinc ingot was quoted at a discount of 30-120 yuan/mt against the 2609 contract. The Tianjin market was quoted at a discount of 110 yuan/mt against the Shanghai market. As of the morning session close, the high-end brand Zijin was at a discount of 20 yuan/mt to a premium of 30 yuan/mt against the 2609 contract, while Xikuang was quoted at a discount of 80 yuan/mt against the 2609 contract, delivered. Today, the refined zinc purchasing sentiment in the Tianjin area was 1.81, and the shipments sentiment was 2.45. The futures rally pushed prices to levels that downstream could not bear. Downstream buyers were cautious, with limited inquiries. The export window opened. Traders were active, and shipment premiums were largely stable. Overall, market transactions were poor today.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

Images in this article contain AI-translated captions for reference only.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[SMM Flash] August China Sulphuric Acid Guidance Price Released, Calculated Using SMM Copper Concentrate Index

On August 5, 2026, after communicating with major enterprises and filing with the National Development and Reform Commission, the Sulphuric Acid Association and the Phosphate and Compound Fertilizer Association jointly decided: to ensure fair and relatively stable prices, the "latest copper concentrate TCs" in the original guidance price formula was revised to the "average of the past three months' copper concentrate TCs". After careful consideration, the copper concentrate TCs used in the calculation are based on the SMM Copper Concentrate Index. Calculated based on the new formula, the August smelting sulphuric acid guidance price is 1,555 yuan/mt. Historical guidance prices were May (1,406 yuan/mt), June (1,456 yuan/mt), and July (1,574 yuan/mt).

1 hour ago

2 hours ago

Fresnillo reports 8.8% rise in H1 by-product lead output and maintains full-year lead-zinc guidance

Fresnillo reported revenue of $3.38 billion for the six months ended June 30, 2026, up 74.7% year on year. Its average realised by-product lead price was $0.87/lb, down 2.3% year on year, while the average realised by-product zinc price rose 27% to $1.55/lb. Attributable by-product lead production increased 8.8% year on year, supported by higher ore grades at Fresnillo and Juanicipio and partly offset by lower grades at Saucito. Attributable by-product zinc production was broadly stable. The company maintained its 2026 guidance for attributable lead production of 54,000–59,000 t and attributable zinc production of 85,000–95,000 t. Attributable silver output in H1 was 22 million oz, down 11.4% year on year, while attributable gold output fell 7.3% to 290,900 oz.

2 hours ago

4 hours ago

LME zinc ingot inventory keeps falling, and bulls add positions, lifting LME zinc [SMM Zinc Morning Meeting Summary]

[SMM Zinc Morning Meeting Minutes: LME Zinc Ingot Inventory Continues to Decline, Bulls Increase Positions Boosting LME Zinc Rise]: Overnight, LME zinc opened at $3,642/mt, and after opening, drifted higher, dipping to a low of $3,635/mt at the beginning of the session and touching a high of $3,684.5/mt near the end, finally closing up at $3,661/mt, up $27/mt, or 0.74%, with trading volume decreasing to 11,194 lots...

4 hours ago