Year-end settlement, sluggish market transactions [SMM Tianjin Zinc Spot Weekly Review]

Published: Dec 31, 2025 17:21

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[Year-End Settlement, Sluggish Market Trading]: Spot premiums in Tianjin remained flat WoW. As of Wednesday, domestic generic brands were quoted at a premium of around 110 yuan/mt against the 2601 contract, while premium brands were quoted at a premium of 90–120 yuan/mt against the 2601 contract. Tianjin spot was quoted at a discount of around 110 yuan/mt against Shanghai spot, with the Shanghai–Tianjin price spread widening.

SMM December 31: Spot premiums in the Tianjin area remained flat WoW. As of Wednesday, domestic common brands were quoted at a premium of around 110 yuan/mt against the 2601 contract, while premium brands were quoted at a premium of around 90–120 yuan/mt against the 2601 contract. The Tianjin market was at a discount of around 110 yuan/mt against the Shanghai market, with the Shanghai-Tianjin price spread widening. Zinc prices fluctuated at highs early in the week. Downstream restocking had largely concluded, and demand weakened due to environmental protection measures in Hebei, resulting in fewer downstream fixed-price purchases. Traders were mostly engaged in year-end settlements, with limited offers and few quotations in the Tianjin market, keeping premiums flat WoW. Premiums are expected to rise once market activity picks up.

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