Trading Volume Remained Low in the Last Trading Week Before the Holiday [SMM Ningbo Spot Cargo Weekly Review]

Published: Feb 13, 2026 13:55

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[Last Trading Week Before the Holiday: Market Trading Was Sluggish] Spot discounts in Ningbo widened this week, with the weekly average price down 15 yuan/mt WoW. As of Friday, spot prices in Ningbo were at a discount of 45 yuan/mt against the 2603 contract and a discount of 10 yuan/mt against Shanghai prices, while the discount against Shanghai prices fluctuated during the week.

SMM February 13:

Spot discounts in Ningbo widened this week, down 15 yuan/mt WoW. As of Friday, spot prices in Ningbo were at a discount of 45 yuan/mt against the 2603 contract and a discount of 10 yuan/mt against Shanghai prices, with the discount against Shanghai fluctuating during the week. In the last trading week before the holiday, some traders proactively lowered spot quotations to facilitate shipments, leading to wider spot discounts. However, most downstream enterprises had entered holiday mode, with almost no inquiries or purchases for spot cargo during the week, resulting in overall sluggish spot transactions. It is expected that spot discounts may narrow as post-holiday consumption recovers.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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