Tianjin Zinc: Futures Pull Back, Downstream Purchasing Interest Increases [SMM Midday Commentary]

Published: Oct 15, 2026 11:56 (GMT+8)

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[Tianjin Zinc: Futures Pull Back, Downstream Purchasing Interest Increases] In the Tianjin market, #0 zinc ingot was mainly traded at 25,530-25,690 yuan/mt, Zijin was traded at 25,650-25,800 yuan/mt, and #1 zinc ingot was traded near 25,410-25,510 yuan/mt. Zijin was quoted at a premium of 120-180 yuan/mt against the 2611 contract, while Huzinc was quoted at 27,185 yuan/mt. #0 zinc ingot was quoted at a premium of 0-80 yuan/mt against the 2611 contract. The Tianjin market was quoted at a discount of 35 yuan/mt against the Shanghai market.

SMM, October 15: In the Tianjin market, mainstream transactions for #0 zinc ingot were at 25,530-25,690 yuan/mt, Zijin traded at 25,650-25,800 yuan/mt, #1 zinc ingot traded near 25,410-25,510 yuan/mt, Zijin was quoted at a premium of 120-180 yuan/mt against the 2611 contract, Huxin was quoted at 27,185 yuan/mt, #0 zinc ingot was quoted at a premium of 0-80 yuan/mt against the 2611 contract, and the Tianjin market was quoted at a discount of 35 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin was at a premium of about 120-180 yuan/mt against the 2611 contract. In the Tianjin area, the purchasing sentiment for refined zinc was 2.12, and the selling sentiment was 2.38. Futures pulled back to the downstream psychological price level, downstream users increased point-price cargo pick-up, spot supply in Tianjin was limited and mainly warrants, traders raised premiums on shipments, and overall market transactions improved compared with yesterday.

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