Zinc Price Spread Narrows between Guangdong and Shanghai, SMM Reports

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 05 Feb , 2026

According to the release from Ivanhoe Mines on February 3, Ivanhoe Mines is engaged in in-depth discussions with Gécamines and Mercuria, planning to supply critical minerals from the ultra-high-grade Kipushi zinc-lead-germanium-gallium mine to the US. Under the proposed agreement, Mercuria's current offtake of Kipushi zinc concentrates will be allocated to the trading division of Gécamines, and the excess production resulting from the successful debottlenecking and expansion of Kipushi in Q4 2025 will also be allocated. The concentrates produced from the Kipushi mine also contain significant amounts of germanium and gallium. Gécamines has the potential to be responsible for the sales of up to 50% of the mine's concentrate production, including sales to the US.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2603 contract opened at 24,785 yuan/mt. At the beginning of the session, it surged to a high of 24,980 yuan/mt, but then bulls reduced their positions and exited the market, causing the contract to fluctuate downward and touch a low of 24,725 yuan/mt. It maintained fluctuations at lows toward the end of the session, ultimately closing down at 24,770 yuan/mt.