Tianjin Zinc: Futures Surge, Market Sluggish [SMM Midday Comment]

Published: Jul 31, 2026 11:44

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[Tianjin Zinc: Futures Surge, Market Sluggish] In the Tianjin market, #0 zinc ingot was mainly traded at 24,740-24,910 yuan/mt, Zijin was traded at 24,860-24,970 yuan/mt, #1 zinc ingot was traded around 24,740-24,860 yuan/mt, Zijin was quoted at around parity against the 2600 contract, Huludao Zinc was quoted at 26,215 yuan/mt, #0 zinc ingot was quoted at a discount of 60-120 yuan/mt against the 2609 contract, and the Tianjin market was at a discount of around 100 yuan/mt against the Shanghai market.

SMM, July 31 - In the Tianjin market, #0 zinc ingot changed hands mainly at 24,740-24,910 yuan/mt, Zijin brand at 24,860-24,970 yuan/mt, and #1 zinc ingot near 24,740-24,860 yuan/mt. Zijin was quoted near parity against the 2600 contract, while Huxin stood at 26,215 yuan/mt. #0 zinc ingot was quoted at discounts of 60-120 yuan/mt against the 2609 contract, and the Tianjin market was quoted at a discount of 100 yuan/mt against the Shanghai market. As of the morning session close, high-priced brand Zijin was quoted around parity against the 2609 contract, while Huoshaoyun was quoted at a discount of 120 yuan/mt against the 2609 contract. Refined zinc procurement sentiment in Tianjin stood at 1.85 and shipments sentiment at 2.37 today. Futures continued to consolidate at highs, deterring downstream buyers who were cautious amid high prices and inquiring little, while traders offered fewer shipments due to month-end, keeping shipment premiums largely stable. Overall market trading was weak today.

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