Downstream Caution Amid High Prices Reduces Inquiries, Spot Trading Sentiment Sluggish During the Week [SMM Shanghai Spot Weekly Review]

Published: Sep 4, 2026 14:32

Save

[Downstream cautious at highs with fewer inquiries; spot trading sentiment subdued this week]: This week, the average spot premium in Shanghai rose by 15 yuan/mt WoW. As of Friday this week, ordinary domestic brands were quoted at a discount of 50-40 yuan/mt against the 2610 contract, while the high-priced Shuangyan brand had no quotes against the 2610 contract.

SMM, September 4:

This week, the weekly average spot premium in Shanghai rose by 15 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at a discount of 50-40 yuan/mt against the 2610 contract, while the premium brand Shuangyan had no quotes against the 2610 contract. During the week, SHFE zinc prices rose notably WoW, and downstream enterprises remained wary of high prices. Coupled with no visible improvement in overall end-user orders, spot trades were sluggish throughout the week. Traders took a laid-back approach to selling and quoting, and spot premiums consolidated at lows. With futures prices staying elevated, a meaningful recovery is unlikely next week.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

8 mins ago

China sulphuric acid index falls for nine consecutive weeks with a widening decline; domestic sulphur trade rebounds from lows, while sulphuric acid outside China stops falling and stabilizes [SMM Sulphuric Acid Weekly Review]

China sulphuric acid index falls for nine consecutive weeks with a widening decline; sulphur domestic trade rebounds from lows, while sulphuric acid outside China stops falling and stabilizes [SMM Sulphuric Acid Weekly Review]

8 mins ago

19 mins ago

Zinc futures prices rose significantly, while spot premiums remained in the doldrums [SMM Ningbo Spot Weekly Review]

[Zinc futures prices rise notably, spot premiums in the doldrums]: This week, Ningbo spot premiums consolidated, with the average price up 10 yuan/mt WoW. As of this Friday, Ningbo spot prices against the 2610 contract were quoted at a discount of 55 yuan/mt, and at a premium of 45 yuan/mt against the Shanghai premium.

19 mins ago

33 mins ago

Consumption remains sluggish; operating rates of galvanising producers stay low [SMM galvanising weekly review]

[Consumption remains sluggish; galvanising operating rates stay low]: This week, the operating rate of the galvanising industry was 51.80%, up 0.17 percentage points WoW. Raw material side, zinc prices continued to consolidate at highs this week. Downstream acceptance of high prices was limited, with procurement mainly need-based and a strong wait-and-see sentiment. Raw material inventory stayed at low levels overall, with limited willingness to stockpile.

33 mins ago