Zinc Prices Continue to Fluctuate at Highs, Tianjin Zinc Ingot Premiums Continue to Decline [SMM Tianjin Zinc Spot Weekly Review]

Published: Nov 7, 2025 16:18

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[Zinc Prices Continue to Fluctuate at Highs, Tianjin Zinc Ingot Premiums Continue to Decline]: Spot premiums in the Tianjin area dropped rapidly this week, down about 60 yuan/mt WoW. As of Friday, domestic standard brands were quoted at a discount of 20-100 yuan/mt against the 2511 contract, while premium brands were quoted at a premium of 70-130 yuan/mt against the 2511 contract. Tianjin market premiums were at a discount of about 40 yuan/mt against the Shanghai market.

SMM November 7 News: Spot premiums in Tianjin fell rapidly this week, down about 60 yuan/mt WoW. As of Friday, domestic common brands were quoted at discounts of 20-100 yuan/mt against the 2511 contract, while premium brands were quoted at premiums of 70-130 yuan/mt against the 2511 contract. Tianjin prices were at a discount of about 40 yuan/mt compared to Shanghai. Zinc prices fluctuated at highs this week, downstream purchasing enthusiasm was low with a focus on digesting inventories. Additionally, new long-term contracts began execution, with large plants mainly relying on long-term contracts. Moreover, production and vehicle transportation in Tianjin and Hebei were affected by environmental protection-driven production restrictions. Zinc ingot inventory continued to build up in Tianjin. High zinc prices made it difficult for traders to sell, leading to continuous adjustments of premiums and discounts to facilitate sales, thus pushing premiums lower. It is expected that premiums may see a slight rebound as environmental protection-driven production restrictions ease.

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