End-use Consumption Support Insufficient, Guangdong Zinc Stays at a Discount and Moves Sideways[SMM Guangdong Spot Cargo Weekly Review]

Published: Jul 31, 2026 16:13

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[End-Use Consumption Lacking Sufficient Support, Guangdong Zinc Premiums Move Sideways] This week, Guangdong premiums were up around 15 yuan/mt WoW. As of this Friday, mainstream #0 zinc in Guangdong was quoted at a discount of 75-120 yuan/mt against the market...

This week, premiums in Guangdong rose by about 15 yuan/mt WoW. As of this Friday, mainstream #0 zinc in Guangdong was quoted at discounts of 120-75 yuan/mt against the market. During the week, zinc prices continued to consolidate at highs, and downstream purchases were mostly driven by rigid demand. Meanwhile, long-term contracts from some producers were gradually delivered, and amid the demand off-season, enterprises showed low enthusiasm for spot procurement, leaving premiums lacking upward momentum. Looking ahead to next week, entering August, the market will remain in a consumption off-season, and enterprises hold a cautious view on future demand. Insufficient end-user support will exert some pressure on the rise in premiums. At the same time, with no large-scale exports in the current market and sufficient inventory in Guangdong, premiums are expected to continue to consolidate within the discount range.

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