SMM, February 21: This week, spot premiums in the Tianjin region continued to decline, down 30 yuan/mt WoW based on the weekly average price. As of this Friday, domestic common brands were quoted at a discount of 40 to a premium of 10 yuan/mt against the 2503 contract, while high-end brands were quoted at a discount of 10 to a premium of 10 yuan/mt against the 2503 contract. The Tianjin market was quoted at a discount of around 20 yuan/mt against the Shanghai market. Zinc prices edged up during the week, but terminal resumption of work remained below expectations. Although consumption showed slight improvement, order recovery still requires time. Downstream buyers maintained a wait-and-see attitude towards the futures market, with low willingness to purchase as prices had not yet reached their psychological level. Restocking was mainly driven by rigid demand. Tianjin zinc ingot inventory continued to accumulate, and traders kept lowering premiums to facilitate sales. Spot premiums are expected to remain stable next week.
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