Spot Cargo Remained Scarce During the Week, Premiums Continued to Rise [SMM Ningbo Spot Weekly Review]

Published: Nov 21, 2025 17:06

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[Some Arrived Zinc Ingots Were Pre-Sold, Premiums Continued to Rise During the Week]: Spot premiums in Ningbo accelerated their increase this week, up 100 yuan/mt WoW from the weekly average price. As of Friday, spot prices in Ningbo against the 2512 contract stood at a premium of 175 yuan/mt, while the premium against Shanghai was 150 yuan/mt, with the premium against Shanghai expanding significantly during the week.

SMM November 21:

Spot premiums in Ningbo accelerated their increase this week, up 100 yuan/mt WoW. As of Friday, spot prices in Ningbo were at a premium of 175 yuan/mt against the 2512 contract and a premium of 150 yuan/mt against SHFE prices, with the premium against SHFE expanding significantly during the week. Most of the zinc ingots that arrived this week had been pre-sold earlier, leading to continued tightness of spot zinc ingots in the Ningbo market, prompting traders to further raise spot quotations. Meanwhile, futures prices fell during the week, prompting some downstream consumers to make fixed-price purchases. However, constrained by limited availability, spot transactions in the Ningbo market were relatively swift this week. It is expected that there will be some downward pressure on premiums 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.

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