News

[Zinc Oxide Operating Rates Remain Stable, End-Use Demand Shows Divergence] In terms of orders, overall demand for rubber-grade zinc oxide remained stable, but some enterprises were relatively cautious about expectations for subsequent demand from tyre factories; orders for major ceramic-grade zinc oxide producers were relatively stable, but affected by the overall weakness in the real estate market, overall demand in the sector was average......

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 27 Mar , 2026

[Guangdong Premiums Rose This Week, Expected to Maintain a Fluctuating Trend Next Week] Guangdong premiums rose 45 yuan/mt WoW this week. As of this Friday, mainstream 0# zinc in Guangdong was quoted at discounts of 20~0 yuan/mt against market quotations, and the Shanghai-Guangdong price spread narrowed.......

[Zinc Price Center Rose, Demand Performance Varied Across Die-Casting Zinc Alloy Segments] This week, operating rates of die-casting zinc alloy remained rangebound. From the perspective of end-user orders, demand performance varied across segments. Demand for orders of electronic products and auto parts was relatively strong recently, while traditional hardware products were dragged down by the real estate market and performed relatively average; orders for luggage zippers were weak, but apparel zipper orders at some enterprises were relatively steady......

[SHFE/LME Price Ratio Rebounded and Fluctuated Below 7.5]: This week, the SHFE/LME price ratio rebounded and fluctuated below 7.5, and the zinc ingot import window remained closed. Outside China, geopolitical disruptions were frequent, and market expectations for a swift end to the conflict in the Middle East weakened, but disruptions at ex-China mines supported zinc prices, and LME zinc rebounded from lows.

[April China TCs Expected to Face Resistance to Further Gains, Pending the Conclusion of Follow-up Negotiations]: Weekly data showed that the average weekly SMM Zn50 domestic TC held flat at 1,550 yuan/mt in metal content, while the SMM imported zinc concentrates index fell $7.51/dmt MoM to -$2.28/dmt...

[Traders' Offers Remained Firm, Spot Premiums Rose WoW]: Spot premiums in Shanghai increased this week, with the weekly average price up 35 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at a discount of 10 yuan/mt to a premium of 10 yuan/mt against the 2604 contract, while the high-priced brand Shuangyan was quoted at a premium of 50 yuan/mt against the 2605 contract..

[Zinc Prices Fluctuated at Highs, Trading Weakened This Week]: Spot premiums in Tianjin rose slightly this week, up 15 yuan/mt WoW. As of this Friday, in China, standard brands were quoted at discounts of around 50-80 yuan/mt against the 2604 contract, high-priced brands at discounts of around 20-30 yuan/mt against the 2604 contract, and Tianjin was quoted at a discount of around 30 yuan/mt against Shanghai.

[SMM Zinc Morning Meeting Summary: US Dollar Index Strengthened, LME Zinc Center Remained at a Low Level]: Overnight, LME zinc opened at $3,078/mt. After the opening, LME zinc fluctuated downward, hitting a low of $3,044.5/mt. It then rebounded rapidly and touched an intraday high of $3,118.5/mt. Subsequently, LME zinc kept pulling back from the high level and finally closed down at $3,073.5/mt, down $75/mt, a decrease of 0.24%, while trading volume increased to 11,961 lots...

[SMM Zinc Morning Comment: China’s Zinc Ingot Continued Destocking on Thursday, and the Center of SHFE Zinc Edged Higher] Overnight, the most-traded SHFE zinc 2605 contract opened at 23,100 yuan/mt. After the opening, SHFE zinc fluctuated upward, touching a high of 23,340 yuan/mt near the beginning of the session. It then slowly pulled back amid fluctuations to around the daily average line, hitting a low of 23,070 yuan/mt, and finally closed up at 23,170 yuan/mt..

According to the latest customs data, galvanized sheet exports stood at 926,600 mt in January 2026 and 1.1677 million mt in February, bringing cumulative exports in January-February to 2.0942 million mt, down 0.14% YoY. China’s total galvanized sheet exports in January-February this year were basically flat YoY. .

On the 25th, it was confirmed that the South Korean government will exempt tariffs of 3–8% on critical minerals such as lithium, graphite, and rare earth elements when domestically owned companies directly produce and import them from overseas. The Ministry of Trade, Industry and Energy has pre-announced a new regulation outlining tariff exemptions for overseas resource development projects. Under the policy, a total of 14 critical minerals—including lithium, graphite, nickel, cobalt, manganese, copper, zinc, and rare earth elements such as lanthanum, cerium, neodymium, terbium, dysprosium, yttrium, and scandium—will be eligible for duty exemption when brought into the country. The regulation is set to take effect on April 3.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 26 Mar , 2026

[SMM Zinc Morning Meeting Summary: The Ongoing Middle East Situation Continued to Disrupt the Market, and LME Zinc Fluctuated at Lows]: Overnight, LME zinc opened at $3,053/mt. After the opening, LME zinc fluctuated downward and hit an intraday low of $3,037.5/mt. It then continued to rebound from lows and touched a high of $3,090.5/mt near the close, eventually closing up at $3,081/mt, up $42.5/mt, or 1.4%...