Tianjin Zinc: Futures Consolidate at Highs, Downstream Cautious on High Prices [SMM Midday Review]

Published: Aug 11, 2026 11:52

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[Tianjin Zinc: Futures Consolidate at Highs, Downstream Cautious Purchasing] In the Tianjin market, #0 zinc ingot mainstream traded around 25,420-25,660 yuan/mt, Zijin traded at 25,550-25,740 yuan/mt, #1 zinc ingot traded around 25,420-25,600 yuan/mt. Zijin was quoted at a premium of around 10-30 yuan/mt against the 2609 contract, Huxin quoted at 26,810 yuan/mt, #0 zinc ingot was quoted at a discount of around 50-120 yuan/mt against the 2609 contract, and the Tianjin market was at a discount of around 85 yuan/mt against the Shanghai market.

SMM August 11 News: In the Tianjin market, #0 zinc ingot transactions were mainly at 25,420-25,660 yuan/mt, Zijin at 25,550-25,740 yuan/mt, and #1 zinc ingot at around 25,420-25,600 yuan/mt. Zijin was quoted at a premium of 10-30 yuan/mt against the 2609 contract, while Huzinc reported 26,810 yuan/mt. #0 zinc ingot was quoted at a discount of 50-120 yuan/mt against the 2609 contract. Tianjin market was at a discount of 85 yuan/mt against Shanghai. As of the midday close, high-grade brand Zijin was at a premium of 10-30 yuan/mt against the 2609 contract, and Xi Mine was at a discount of 70 yuan/mt against the 2609 contract delivered. Today, refined zinc purchasing sentiment in Tianjin stood at 1.79, and shipment sentiment at 2.48. Futures continued to consolidate at highs, making downstream users cautious about purchasing due to high prices. Large smelters mainly relied on long-term contracts. Although exports drove slight destocking, zinc ingot inventory in Tianjin remained high. Traders’ premiums were largely stable. Overall, market transactions were moderate today.

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