Downstream production not fully resumed, spot transactions weak [SMM Ningbo spot weekly review]

Published: Feb 27, 2026 15:52

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[Downstream Production Not Fully Resumed, Spot Trading Remained Weak]: This week, Ningbo spot premiums fluctuated, rising by 40 yuan/mt compared to the pre-holiday average. As of Friday, spot prices in Ningbo were at a discount of 10 yuan/mt against the 2603 contract and a premium of 40 yuan/mt against Shanghai prices, with the premium against Shanghai fluctuating throughout the week.

SMM February 27:

Spot premiums in Ningbo fluctuated this week, rising by 40 yuan/mt compared to the pre-holiday average. As of Friday, spot prices in Ningbo were at a discount of 10 yuan/mt against the 2603 contract and a premium of 40 yuan/mt against Shanghai prices, with the premium against Shanghai fluctuating during the week. Before the holiday, spot discounts remained low due to some traders clearing inventory and offloading cargo. After the holiday, market traders resumed normal shipments, and spot offers rebounded compared to pre-holiday levels. However, as most downstream zinc alloy plants in Ningbo resumed production around the Lantern Festival, inquiries and purchases of zinc ingots were limited during the week, resulting in poor overall spot transaction performance. With downstream enterprises gradually resuming operations, spot premiums are expected to rebound next week.

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