Downstream fear of high prices remained strong, spot trades were sluggish during the week [SMM Shanghai Spot Weekly Review]

Published: Sep 11, 2026 15:41

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[Downstream Fear of High Prices Prevails, Spot Trades Sluggish This Week]: This week, spot premiums in Shanghai consolidated on a weak note, with the overall weekly average price basically flat WoW. As of this Friday, ordinary domestic brands were quoted at a discount of 30-20 yuan/mt against the 2610 contract, while high-priced brand Shuangyan was quoted at a premium of 130 yuan/mt against the 2610 contract.

SMM News on September 11:

This week, Shanghai spot premiums consolidated on a weak note, with the overall average basically flat WoW versus last week’s weekly average price. As of this Friday, mainstream domestic brands were quoted at a discount of 30-20 yuan/mt against the 2610 contract, while the high-priced brand Shuangyan was quoted at a premium of 130 yuan/mt against the 2610 contract. During the week, futures zinc prices continued to rise above 27,000 yuan/mt. Elevated prices strongly dampened downstream enterprises’ purchasing sentiment, and downstream players were generally on the sidelines. Overall spot trades were sluggish, and spot premiums remained in the doldrums. Toward the end of the week, futures zinc prices fell sharply, and some downstream players fixed prices on dips, but actual purchases were limited. Spot premiums saw a slight recovery, and spot premiums are expected to consolidate next week.

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