Shanghai Zinc Ingot Inventory Buildup Significant, Awaiting Subsequent Downstream Production Resumptions [SMM Shanghai Spot Cargo Weekly Review]

Published: Feb 27, 2026 15:53

Save

[Shanghai Zinc Ingot Inventory Buildup Significant, Awaiting Subsequent Downstream Production Resumptions]: Spot discounts in Shanghai widened this week, with the average price down by 10 yuan/mt compared to pre-holiday levels. As of Friday, spot discounts for common domestic brands against the 2603 contract were 30-20 yuan/mt, while the premium for the high-priced brand Shuangyan against the 2603 contract was 80-90 yuan/mt.

SMM February 27 News: Spot discounts in Shanghai widened this week, with the average price down 10 yuan/mt from pre-holiday levels. As of Friday, spot discounts for common domestic brands against the 2603 contract were 30-20 yuan/mt, while premiums for the high-priced Shuangyan brand against the 2603 contract were quoted at 80-90 yuan/mt. Zinc futures prices maintained a fluctuating trend this week. With zinc ingots in transit during the Chinese New Year holiday arriving successively, Shanghai zinc ingot inventory increased significantly. Market traders actively offered shipments, but downstream enterprises had not fully resumed operations, leading to weak zinc ingot demand. Traders faced sluggish shipments, and spot premiums weakened during the week. Shanghai premiums are expected to maintain a fluctuating trend 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

2 hours ago

How Are Expectations for China’s Galvanized Sheet Exports in March Amid Continued Turmoil in the Middle East?

According to the latest customs data, galvanized sheet exports stood at 926,600 mt in January 2026 and 1.1677 million mt in February, bringing cumulative exports in January-February to 2.0942 million mt, down 0.14% YoY. China’s total galvanized sheet exports in January-February this year were basically flat YoY. .

2 hours ago

6 hours ago

South Korea to Exempt Tariffs on Overseas-Sourced Critical Minerals

On the 25th, it was confirmed that the South Korean government will exempt tariffs of 3–8% on critical minerals such as lithium, graphite, and rare earth elements when domestically owned companies directly produce and import them from overseas. The Ministry of Trade, Industry and Energy has pre-announced a new regulation outlining tariff exemptions for overseas resource development projects. Under the policy, a total of 14 critical minerals—including lithium, graphite, nickel, cobalt, manganese, copper, zinc, and rare earth elements such as lanthanum, cerium, neodymium, terbium, dysprosium, yttrium, and scandium—will be eligible for duty exemption when brought into the country. The regulation is set to take effect on April 3.

6 hours ago

8 hours ago

Data: SHFE, DCE market movement (Mar 26)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 26 Mar , 2026

8 hours ago