Shanghai Zinc Ingot Inventory Continues to Decline, Premiums Keep Rising [SMM Shanghai Spot Cargo Weekly Review]

Published: Nov 7, 2025 14:38

Save

[Shanghai Zinc Ingot Inventories Continued to Decline, Premiums Rose Further]: Shanghai spot zinc ingot quotes increased significantly this week, up 30 yuan/mt WoW. As of Friday, the premium for common domestic brands against the 2512 contract was 60 yuan/mt, while the premium for the high-priced brand Shuangyan against the 2512 contract ranged from 70 to 100 yuan/mt.

SMM November 7: Shanghai spot zinc prices showed a significant increase this week, with the weekly average price up 30 yuan/mt WoW. As of Friday, spot premiums for ordinary domestic brands were at 60 yuan/mt against the 2512 contract, while premiums for the premium brand Shuangyan were at 70–100 yuan/mt against the 2512 contract. Shanghai zinc ingot inventory continued to decline during the week, and traders showed strong sentiment to hold prices firm. On one hand, zinc ingot arrivals in the market were limited during the week; on the other hand, as the export window for zinc ingots opened, some traders had export intentions and were less willing to sell in the domestic market. Spot zinc availability in the Shanghai market remained tight during the week, leading to a rapid rise in spot premiums. Trading among traders was active, but due to the strong performance of zinc futures, downstream enterprises were cautious about purchasing at high prices. Spot premiums are expected to maintain a fluctuating trend next week.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

Zinc Price Center Moved Higher, Focus on the Peak Consumption Season and Smelter Raw Material Supply [SMM Zinc Morning Comment]

[SMM Zinc Morning Comment] Overnight, SHFE zinc posted a bullish candlestick with no upper shadow, with support from the 5/10-day daily average below. Driven by the LME market overnight, zinc prices fluctuated upward, but on the fundamentals side, April production at China's domestic smelters is expected to increase by more than 10,000 mt MoM. At elevated zinc prices, downstream enterprises showed lower purchasing enthusiasm, inventory destocking slowed down, and weak domestic fundamentals are expected to limit its upside. Focus on......

4 hours ago

Macro and Fundamentals Resonated, LME Zinc Posted a Three-Day Winning Streak [SMM Morning Meeting Summary]

[SMM Morning Meeting Summary: Macro Factors and Fundamentals Resonated, and LME Zinc Logged a Three-Day Winning Streak] Overnight, LME zinc logged a three-day winning streak, with support from the 20-day moving average below and resistance from the 40/60-day moving averages above. Overnight, as geopolitical tensions in the Middle East may have de-escalated, the US dollar index moved lower, nonferrous metals rose, and LME zinc inventory continued destocking......

4 hours ago

21 hours ago

Zinc Price Center Shifted Lower in March; How Will It Perform in April? [SMM Analysis]

As of March 31, the most-traded SHFE zinc contract closed at 23,480 yuan/mt, up 1,230 yuan/mt for the month, with a decline of 4.98%. Zinc prices plunged in March, briefly climbing to a high of 24,955 yuan/mt at the beginning of the month and falling to a low of 22,350 yuan/mt in the middle of the month, with the overall price center moving down significantly. After zinc prices plunged in March, how will they move in April?

21 hours ago