Shanghai-Guangdong Metal Price Spread Widens, Triggering Inventory Relocation and Potential Premium Increases

Published: Apr 21, 2026 09:30

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The Shanghai-Guangdong price spread widened further intraday compared to the previous day, with the current spread approaching 200 yuan/mt and the theoretical arbitrage window opening up. According to SMM, some suppliers have begun relocating inventory from Shanghai warehouses to Guangdong to capture the regional price spread gains. Going forward, if Guangdong premiums continue to remain strong, this could boost spot premiums in Shanghai and other regions.

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