Zinc Ingot Destocking Continues, Shanghai Premium Rises Further [SMM Shanghai Spot Cargo Weekly Review]

Published: Nov 14, 2025 16:17

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[Zinc Ingot Destocking Continues, Shanghai Premiums Keep Rising]: Shanghai spot cargo quotes continued to rise this week, up 30 yuan/mt WoW. As of Friday, the premium of common domestic brands against the 2512 contract was 100 yuan/mt, while the premium of the high-priced brand Shuangyan against the 2512 contract was 120 yuan/mt.

SMM November 14 News: Shanghai spot offers continued to rise this week, with the weekly average price up 30 yuan/mt WoW. As of Friday, spot premiums of common domestic brands were 100 yuan/mt against the 2512 contract, while premiums of the high-priced brand Shuangyan were 120 yuan/mt against the 2512 contract. Against the backdrop of production cuts at some smelters, zinc ingot arrivals in Shanghai were affected to some extent. Coupled with the continuously open export window, Shanghai zinc ingot inventory continued to decrease during the week. Traders' willingness to sell was not high, and spot premiums fluctuated at highs in the first half of the week. Subsequently, zinc futures prices fell towards the end of the week, leading to increased pricing by downstream enterprises. Spot trading improved, and spot premiums rose slightly accordingly. With export expectations persisting, spot premiums are expected to remain high next week.

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