Downstream enterprises turned cautious due to high prices, and spot premiums pulled back [SMM Shanghai Spot Weekly Review]

Published: Aug 7, 2026 14:14

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[Downstream Enterprises Cautious at High Prices, Spot Premiums Pull Back]: The weekly average spot premiums in Shanghai rose 5 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at premiums of 0-10 yuan/mt against the 2609 contract, while high-end brand Shuangyan was quoted at premiums of 140-180 yuan/mt against the 2609 contract..

SMM, August 7:

The average Shanghai spot premium this week rose 5 yuan/mt WoW. As of this Friday, quotations for ordinary domestic brands against the 2609 contract were at premiums of 0~10 yuan/mt, and those for the high-end brand Shuangyan were at premiums of 140~180 yuan/mt. During the week, some suppliers still showed some willingness to hold prices firm, and spot premiums edged up in the first half of the week; however, as SHFE zinc futures prices continued to rise, downstream enterprises were affected by the off-season and high zinc prices, resulting in noticeably weak purchasing interest. Market transactions were mainly driven by need-based restocking, trading sentiment gradually weakened, suppliers’ quotations also eased, and spot premiums pulled back accordingly. Shanghai spot premiums are expected to continue consolidating next week.

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