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

Published: Nov 28, 2025 15:39

Save

[Shanghai Zinc Ingot Inventory Continued to Decline, Premiums Rose WoW]: This week, spot zinc cargo quotes in Shanghai continued to rise, with the weekly average price up 25 yuan/mt WoW. As of Friday, premiums for common domestic brands against the 2512 contract were 140–150 yuan/mt, while premiums for the premium brand Shuangyan against the 2512 contract were 270–280 yuan/mt.

SMM November 28 News: Shanghai spot prices continued to rise this week, with the weekly average price up 25 yuan/mt WoW. As of Friday, spot premiums for ordinary domestic brands against the 2512 contract were 140-150 yuan/mt, while premiums for the high-priced brand Shuangyan against the 2512 contract were 270-280 yuan/mt. Zinc ingot inventory decreased further during the week. Traders in the Shanghai market continued to hold prices firm. Spot premium quotes rose at the beginning of the week, but then zinc futures prices rose first and then fell. Downstream enterprises showed a strong wait-and-see sentiment, and overall market trading performance was sluggish. Traders struggled to raise spot premium quotes, which continued to maintain a fluctuating trend. Shanghai premiums are expected to remain high 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

13 hours ago

Data: SHFE, DCE market movement (Apr 01)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 01 Apr , 2026

13 hours ago

19 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......

19 hours ago

20 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......

20 hours ago