Downstream dip-buying, spot premiums rise notably [SMM Ningbo spot weekly review]

Published: Oct 16, 2026 14:46 (GMT+8)

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[Downstream dip-buying drives spot premiums notably higher]: Spot premiums in Ningbo rose this week, with the overall average up 35 yuan/mt WoW. As of Friday this week, Ningbo spot prices against the 2611 contract were quoted at a premium of 65 yuan/mt, and at a premium of 30 yuan/mt against the Shanghai premium.

SMM, October 16:

This week, spot premiums in Ningbo rose, with the overall average price up 35 yuan/mt WoW. As of this Friday, Ningbo spot prices against the 2611 contract were quoted at a premium of 65 yuan/mt, and at a premium of 30 yuan/mt against the Shanghai premium. During the week, zinc prices on the futures market fell significantly to below 25,500 yuan/mt, hitting the psychological price levels for point-based pricing of most downstream buyers. Overall downstream point-based pricing purchases were moderate during the week, and spot premiums in the market rose accordingly. Spot premiums are expected to maintain a fluctuating trend 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.

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