Downstream dip-buying, spot premiums rise notably [SMM Ningbo spot weekly review]

Published: Oct 16, 2026 14:46 (GMT+8)

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[Downstream dip-buying drives spot premiums notably higher]: Spot premiums in Ningbo rose this week, with the overall average up 35 yuan/mt WoW. As of Friday this week, Ningbo spot prices against the 2611 contract were quoted at a premium of 65 yuan/mt, and at a premium of 30 yuan/mt against the Shanghai premium.

SMM, October 16:

This week, spot premiums in Ningbo rose, with the overall average price up 35 yuan/mt WoW. As of this Friday, Ningbo spot prices against the 2611 contract were quoted at a premium of 65 yuan/mt, and at a premium of 30 yuan/mt against the Shanghai premium. During the week, zinc prices on the futures market fell significantly to below 25,500 yuan/mt, hitting the psychological price levels for point-based pricing of most downstream buyers. Overall downstream point-based pricing purchases were moderate during the week, and spot premiums in the market rose accordingly. Spot premiums are expected to maintain a fluctuating trend next week.

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