SHFE Zinc Price Surge Depresses Spot Trading in Shanghai, SMM Reports

On September 9, 2026, Australia initiated its second sunset review of anti-dumping measures on galvanized steel sheet from India, Malaysia and Vietnam, and separately launched a sunset review of countervailing measures on imports from India. The review covers July 2025-June 2026, with the final report expected by February 11, 2027. As galvanized steel is the largest end-use sector for zinc, the measures directly affect export costs and competitiveness, potentially impacting Australia’s domestic zinc demand and supply chain. Maintaining the duties would provide some protection for domestic steel and coating capacity, while termination could increase low-priced imports and affect regional zinc consumption. The final outcome remains subject to the authorities’ determination.

Market offers from ore traders remained limited this week, while winter stocking demand persisted. Some Chinese smelters continued to inquire about and procure imported concentrates for Q4, with market treatment charges remaining at low levels.

SMM에 따르면, 중국 서북부의 한 아연 광산이 이번 주 9월 자가 운송 입찰 가격으로 금속 톤당 약 -2,800위안을 제시했다. SMM은 제련 수수료 변동을 지속적으로 모니터링할 예정이다.