SMM News, March 13: Spot premiums in Tianjin were flat WoW this week. As of this Friday, discounts for standard domestic brands against the 2604 contract were around 50-100 yuan/mt, while discounts for high-priced brands against the 2604 contract were around 30-60 yuan/mt, and Tianjin was quoted at a premium of around 10 yuan/mt against Shanghai. Zinc prices mainly saw wide swings this week and dropped back slightly toward the weekend. Downstream players had basically resumed operations, but affected by environmental protection-driven production restrictions and vehicle restrictions, enterprises had not reached full production as expected. End-use consumption was still recovering slowly, and orders were not ideal. Downstream buyers restocked on rigid demand at lower prices, Tianjin zinc ingot inventories continued to build up, and traders' shipment premiums held broadly stable. Environmental protection measures are expected to be lifted next week, end-use consumption is also expected to return to normal, and spot premiums may rise slightly.
![Monthly Production Declined: Refined Zinc Faces Dual Pressure from Raw Material Supply and Costs [SMM Analysis]](https://imgqn.smm.cn/usercenter/qdibi20251217171755.jpg)
