Zinc Price Spread Returns to Zero between Guangdong and Shanghai, SMM Reports

[SMM Zinc Morning Meeting Summary: US Fed September Rate Hike Probability Rises, LME Zinc Maintains Fluctuating Trend]: Last Friday, LME zinc opened at $3,860/mt, drifted higher after the open to touch a high of $3,918/mt, then pulled back continuously from the high to hit a low of $3,847/mt during the session, subsequently rebounded to near the daily average, and finally closed up at $3,863.5/mt, up $8.5/mt...

[SMM Zinc Morning Comment: SHFE Zinc Bulls Reduce Positions, Night Session Consolidates at Lows] Last Friday, the most-traded SHFE zinc 2610 contract opened at 26,650 yuan/mt. After the open, SHFE zinc consolidated around the daily average, hitting a high of 26,785 yuan/mt near the opening and a low of 26,550 yuan/mt during the session, before closing down at 26,560 yuan/mt, down 245 yuan/mt or 0.91%, with trading volume decreasing to 73,922 lots.

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.