Traders held prices firm with strong sentiment during the week, and spot premiums climbed steadily [SMM Shanghai Spot Weekly Review]

Published: Sep 18, 2026 14:36

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[Traders held prices firm this week, spot premiums climbed steadily]: Spot premiums in Shanghai rose significantly this week, with the overall weekly average price up 60 yuan/mt WoW. As of Friday this week, ordinary domestic brands were quoted at premiums of 60-80 yuan/mt against the 2610 contract, while the high-priced brand Shuangyan had no quotes against the 2610 contract.

SMM, September 18:

This week, spot premiums in Shanghai rose significantly, with the overall average price up 60 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at premiums of 60-80 yuan/mt against the 2610 contract, while the high-priced Shuangyan brand had no quotes against the 2610 contract. This week, SHFE zinc futures prices fell notably to around 26,000 yuan/mt, prompting downstream enterprises to actively purchase at favorable prices. Overall spot transactions improved markedly, driving destocking of zinc ingot inventories in Shanghai. Additionally, with trading opportunities in market invoices, circulating supply in the Shanghai trade market was relatively limited, and traders showed strong willingness to hold prices firm, pushing spot premiums to climb steadily throughout the week. However, if zinc futures prices continue to rise, spot premiums may see limited gains next week.

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