During the week, spot cargo transactions were mostly among traders, and spot discounts narrowed slightly [SMM Shanghai Spot Weekly Review]

Published: Jul 10, 2026 14:00

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[Spot transactions during the week were mostly among traders, spot discounts narrowed slightly]: Spot discounts in Shanghai narrowed slightly this week, with the weekly average basically flat WoW. As of this Friday, ordinary domestic brands were quoted at a discount of 50 yuan/mt against the 2608 contract, while the high-end brand Shuangyan was quoted at a premium of 100 yuan/mt against the 2608 contract.

SMM July 10:

This week, Shanghai spot discounts narrowed slightly, with the weekly average price basically flat WoW. As of this Friday, ordinary domestic brands were quoted at a discount of 50 yuan/mt against the SHFE 2608 contract, while the high-grade Shuangyan brand was quoted at a premium of 100 yuan/mt against the SHFE 2608 contract. During the week, SHFE zinc futures prices rose notably WoW. Downstream enterprises faced weak off-season orders, and spot purchases remained need-based throughout the week, resulting in lackluster spot trading performance. However, the zinc ingot export window has opened recently, lifting purchasing sentiment among some traders. Coupled with certain profit margins on bills at the end of the week, overall spot trading during the week was mainly among traders. Next week, spot premiums are expected to continue to consolidate.

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