Downstream Caution Amid High Prices Reduces Inquiries, Spot Trading Sentiment Sluggish During the Week [SMM Shanghai Spot Weekly Review]

Published: Sep 4, 2026 14:32

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[Downstream cautious at highs with fewer inquiries; spot trading sentiment subdued this week]: This week, the average spot premium in Shanghai rose by 15 yuan/mt WoW. As of Friday this week, ordinary domestic brands were quoted at a discount of 50-40 yuan/mt against the 2610 contract, while the high-priced Shuangyan brand had no quotes against the 2610 contract.

SMM, September 4:

This week, the weekly average spot premium in Shanghai rose by 15 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at a discount of 50-40 yuan/mt against the 2610 contract, while the premium brand Shuangyan had no quotes against the 2610 contract. During the week, SHFE zinc prices rose notably WoW, and downstream enterprises remained wary of high prices. Coupled with no visible improvement in overall end-user orders, spot trades were sluggish throughout the week. Traders took a laid-back approach to selling and quoting, and spot premiums consolidated at lows. With futures prices staying elevated, a meaningful recovery is unlikely next week.

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