Guangdong Zinc: Futures Center Moves Higher, End-User Procurement Turns Cautious [SMM Midday Review]

Published: Jul 22, 2026 13:03

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[Guangdong: Futures Center Rose, End-User Purchasing Turned Cautious] In Guangdong, mainstream 0# zinc transactions were at 24,445-24,545 yuan/mt. Mainstream brand quotations were at discounts of 90-70 yuan/mt against the 2609 contract, and a discount of 70 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread narrowed...

SMM, July 22: The mainstream traded prices of Guangdong #0 zinc were 24,445~24,545 yuan/mt, with mainstream brand quotations against the 2609 contract at discounts of 90~70 yuan/mt and against Shanghai spot at a discount of 70 yuan/mt. The Shanghai-Guangdong price spread narrowed. Today, suppliers quoted discounts of 90~70 yuan/mt for Qilin, Mengzi, Anning, and Feilong brands. The purchasing sentiment for refined zinc in Guangdong was 1.98, and the selling sentiment was 2.50. Recently, the Shanghai-Guangdong price spread gradually widened, and there has been some sentiment to hold prices firm in the market. Some traders quoted high prices, leading to significant resistance to transactions; meanwhile, as futures rose today, downstream enterprises mainly adopted a wait-and-see approach to purchasing, and overall transactions were cautious.

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