Zinc Prices Consolidate on a Subdued Note, Premiums Rise Accordingly [SMM Tianjin Zinc Spot Weekly Review]

Published: Oct 23, 2026 14:54 (GMT+8)

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[Zinc Prices Consolidate on a Subdued Note, Spot Premiums Rise Accordingly]: This week, spot premiums in Tianjin rose by 10 yuan/mt WoW. As of Friday this week, domestic standard brands were quoted at a discount of 10 yuan/mt to a premium of 40 yuan/mt against the 2611 contract, while premium brands were quoted at premiums of 80-120 yuan/mt against the 2611 contract. Tianjin was quoted at a discount of 15 yuan/mt against Shanghai, with the Shanghai-Tianjin price spread narrowing.

SMM, October 23: This week, spot premiums in Tianjin rose, up by 10 yuan/mt WoW. As of this Friday, mainstream domestic brands were quoted at a discount of 10 yuan/mt to a premium of 40 yuan/mt against the 2611 contract, while high-end brands were quoted at premiums of 80-120 yuan/mt against the 2611 contract. Tianjin was quoted at a discount of 15 yuan/mt against Shanghai, and the Shanghai-Tianjin price spread narrowed. This week, zinc prices consolidated on a subdued note. Downstream buyers were more active in purchasing earlier in the period, but this week they mostly took a wait-and-see approach to cargo pick-up. Spot availability in Tianjin was limited, and traders raised their quotes accordingly, pushing spot premiums higher. Spot premiums are expected to pull back slightly next week.

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