Downstream Orders Show No Improvement, Spot Cargo Quotations Remain Uninspiring [SMM Shanghai Spot Weekly Review]

SMM September 19: Shanghai spot quotes maintained a fluctuating trend this week, with the weekly average price up 5 yuan/mt WoW. As of Friday, ordinary domestic brands were at a discount of 30 yuan/mt against the 2510 contract, while premium brands such as Shuangyan were at a premium of 110-130 yuan/mt against the 2510 contract. In the first half of the week, zinc prices maintained a fluctuating trend, with market traders mainly selling, and spot premiums remained stable. In the second half of the week, futures fell significantly, and downstream enterprises increased point pricing at low levels. However, by the end of the week, the decline in zinc prices stalled, and downstream players turned to a wait-and-see attitude again. Spot trades turned weaker WoW, and spot premiums saw limited increases. It is expected that spot premiums will maintain a fluctuating trend next week.