Zinc Ingot Inventory Continued to Accumulate, with Lackluster Trading Activity During the Week [SMM Shanghai Spot Cargo Weekly Review]

SMM January 9: Shanghai spot premiums remained high this week, with the weekly average price up 15 yuan/mt WoW. As of Friday, spot premiums for common domestic brands were 180–200 yuan/mt against the Feb'26 contract, while premiums for the premium brand Shuangyan were 300 yuan/mt against the Feb'26 contract. Zinc prices rose significantly in the first half of the week, but due to limited spot availability, traders continued to hold prices firm, keeping spot premiums strong. However, as Shanghai zinc ingot inventory continued to accumulate, more traders offered cargoes, while downstream consumption remained weak in the off-season. To secure deals, traders repeatedly lowered spot offers, resulting in sluggish overall trading during the week. Spot premiums are expected to have further room to decline next week.