Zinc Prices Fluctuate at High Levels, Spot Cargo Still Fluctuates in Discount Range [SMM Guangdong Spot Weekly Review]

This week, spot premiums in Guangdong rose by 15 yuan/mt WoW. As of this Friday, mainstream #0 zinc in Guangdong was quoted at a discount of 85-55 yuan/mt against the market. At the start of the week, zinc prices were relatively low, and the opening of the export window helped draw down regional inventory. Additionally, arrivals of some delivery brands in Guangdong have been limited recently, strengthening traders' willingness to hold prices firm. These factors combined to push local spot premiums higher. Zinc ingot exports still have operational room recently, and tight supply of delivery brands supports traders' offers, providing underlying support for Guangdong premiums. However, downstream users are only making just-in-time procurement in the face of high prices, lacking substantive consumption drivers, which limits the upside room for premiums. Premiums are expected to remain at discounts and consolidate within the current range.