Month-End Traders' Willingness to Sell Is Low, the Market Has Some Sentiment to Hold Prices Firm [SMM Shanghai Spot Weekly Review]

Published: Jul 31, 2026 16:05

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[Trader Shipment Willingness is Low at Month-End, Market Holds Prices Firm]: This week, spot premiums in Shanghai rose, with the average price increasing by 10 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at a premium of 20~30 yuan/mt against the 2609 contract, while the high-end brand Shuangyan was quoted at a premium of 130 yuan/mt against the 2609 contract.

SMM, July 31:

Shanghai spot premiums rose this week, up 10 yuan/mt WoW from the weekly average price. As of this Friday, ordinary domestic brands were quoted at premiums of 20-30 yuan/mt against the 2609 contract, while the high-end brand Shuangyan was quoted at a premium of 130 yuan/mt against the 2609 contract. During the week, the SHFE/LME zinc price ratio further weakened, and the window for shipping China's zinc ingot exports to delivery warehouses had approached the break-even point. Coupled with low willingness to sell among traders at month-end, the market sentiment to hold prices firm strengthened, driving spot premiums to edge up. However, downstream enterprises saw no improvement in orders, and with zinc futures prices staying high during the week, downstream purchase enthusiasm was moderate, leading to mediocre overall market transaction performance. Shanghai spot premiums are expected to remain firm next week.

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