Year-end settlement, sluggish market transactions [SMM Tianjin Zinc Spot Weekly Review] | SMM

The SMM Tianjin Zinc Spot Weekly Review for December 31, 2025, indicates that spot premiums in Tianjin remained unchanged from the previous week. As of Wednesday, domestic generic zinc brands were quoted at a premium of approximately 110 yuan/mt against the 2601 contract, while premium brands were quoted at 90–120 yuan/mt against the same contract. Tianjin spot prices were at a discount of around 110 yuan/mt compared to Shanghai spot prices, widening the price spread between the two locations.

Zinc prices experienced fluctuations early in the week, but downstream restocking had largely finished, and demand decreased due to environmental regulations in Hebei province, leading to fewer fixed-price purchases. Traders were primarily focused on year-end settlements, resulting in limited offers and quotations in the Tianjin market. This contributed to the stable premium levels.

Analysts anticipate that premiums may increase once market activity resumes. The data source statement clarifies that all data, excluding publicly available information, is processed by SMM based on publicly available information, market exchanges, and SMM’s internal database model, and is intended for reference only, not as investment advice.

(Source：Shanghai Metals Market)