Weak Downstream Consumption in Off-Season, Spot Premiums Slightly Weakened During the Week [SMM Ningbo Spot Weekly Review]

Published: May 29, 2026 15:37

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[Weak Downstream Consumption in Off-Season, Spot Premiums Edged Down During the Week]: Spot premiums in Ningbo edged down this week, with the weekly average price declining 15 yuan/mt WoW. As of this Friday, spot prices against the 2607 contract were quoted at a discount of 50 yuan/mt, with a premium of 30 yuan/mt against the Shanghai premium. The premium against the Shanghai premium maintained a fluctuating trend during the week.

SMM May 29 News:

Spot premiums in Ningbo edged down slightly this week, with the weekly average price down 15 yuan/mt WoW. As of this Friday, Ningbo spot prices against the SHFE 2607 contract were quoted at a discount of 50 yuan/mt, with a premium of 30 yuan/mt against Shanghai. The premium against Shanghai maintained a fluctuating trend during the week. Long-term contract zinc ingots arrived successively, and zinc ingot supply in the Ningbo market was sufficient. However, downstream alloy plants had mediocre orders, and overall demand for zinc ingots was weak. Spot zinc ingot consumption during the week was basically rigid demand. Some traders slightly lowered spot quotations to facilitate shipments, and spot premiums maintained a fluctuating trend during the week. With downstream consumption weakening, spot premiums are expected to have limited upside next week.

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