Downstream Orders Weaken, Premiums Continue to Decline [SMM Ningbo Spot Cargo Weekly Review]

Published: Jan 23, 2026 14:59

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[Weak Downstream Orders, Premiums Continue to Decline]: Spot premiums in Ningbo pulled back further this week, down 50 yuan/mt WoW from the weekly average price. As of Friday, spot prices in Ningbo were at a premium of 80 yuan/mt against the 2602 contract and a premium of 40 yuan/mt against Shanghai prices, with the premium against Shanghai fluctuating during the week.

SMM January 23:

Spot premiums in Ningbo continued to pull back this week, down 50 yuan/mt WoW. As of Friday, spot prices in Ningbo were at a premium of 80 yuan/mt against the 2602 contract and 40 yuan/mt against Shanghai prices, with the premium against Shanghai fluctuating during the week. Zinc prices fell first and then rose this week, with traders actively offering and downstream enterprises making more price-lock purchases mid-week, leading to improved spot transactions. However, as futures rebounded later, downstream orders weakened and purchasing sentiment softened again, causing overall spot premiums to rise first and then fall. Premiums are expected to have further room to decline next week.

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