Guangdong Zinc: Regional Inventory Continues to Decline, Spot Premiums Still Supported [SMM Midday Review]

Published: Aug 24, 2026 13:17

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[Guangdong: Regional Inventory Continues to Decline, Supporting Spot Premiums] Guangdong 0# zinc was mainly traded at 25,795-25,870 yuan/mt, with mainstream brands quoted at a discount of 120-70 yuan/mt against the 2610 contract, and a spot premium of 10 yuan/mt over Shanghai spot...

Guangdong 0# refined zinc was mainly traded at 25,795-25,870 yuan/mt on August 24 from SMM. Mainstream brands quoted discounts of 120-70 yuan/mt against the 2610 contract, a premium of 10 yuan/mt against Shanghai spot, and the Shanghai-Guangdong price spread narrowed. Today, suppliers offered discounts of 120-70 yuan/mt for brands such as Qilin, Mengzi, Anning, and Feilong. The purchasing sentiment for refined zinc in Guangdong was 1.75, and the selling sentiment was 2.52. Zinc prices rose, leading to sluggish market trading, but some delivery brands had limited spot cargo availability, while Guangdong inventory continued to see minor destocking, still providing some support for spot premiums.

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