[Tight Zinc Ingot Supply Within the Week, Spot Premiums Rise]: Spot premiums in Ningbo continued to rise this week, up 55 yuan/mt WoW from the weekly average price. As of this Friday, spot prices against the 2606 contract were quoted at a premium of 50 yuan/mt, with a premium of 60 yuan/mt against Shanghai.

[Tianjin Zinc Ingot Spot Premiums Rose, Market Trading Weakened]: Spot premiums in the Tianjin area rose this week, up 30 yuan/mt WoW. As of this Friday, China's ordinary brands were quoted at a discount of 0-90 yuan/mt against the 2606 contract, premium brands were quoted at a discount of 0-30 yuan/mt against the 2606 contract, and Tianjin was quoted at a discount of 80 yuan/mt against Shanghai.

As of April 30, the most-traded SHFE zinc contract closed at 23,645 yuan/mt, up 165 yuan/mt for the month, a gain of 0.7%. Zinc prices rebounded from lows in April, touching a low of 23,430 yuan/mt at the beginning of the month and a high of 24,515 yuan/mt at month-end, though the overall price center pulled back. Heading into May, with the tight domestic ore supply situation persisting, how will zinc prices perform?

During the May Day holiday in 2026, LME zinc traded in a general sideways range, finding solid support at the 40-day moving average. In terms of specific performance, LME zinc showed an N-shaped trend of rising first, then falling and rebounding again.

[Tianjin Zinc Ingot Spot Premiums Rose, Contract Rollover Pricing This Week]: Spot premiums in Tianjin rose this week, up 35 yuan/mt WoW. As of Friday, ordinary brands were quoted at a discount of 0-120 yuan/mt against the 2606 contract, premium brands were quoted at a premium of 10 yuan/mt against the 2606 contract, and Tianjin was quoted at a discount of 70 yuan/mt against Shanghai. The price spread between Shanghai and Tianjin widened, with contract rollover pricing this week.

[Luoping Zinc & Electricity's 2025 Annual Report Released] On April 24, Luoping Zinc & Electricity released its 2025 annual report. The report showed that its total zinc ingot production in 2025 was 53,700 mt, up 27.52% YoY, and its total zinc alloy production was 5,000 mt, down 48.52% YoY. In 2026, the company plans to closely track targets, strengthen execution, and optimize processes, striving to produce 60,000 mt of zinc slabs (equivalent to zinc ingots) and 120,000 mt of sulphuric acid for the full year.

[SMM Morning Meeting Minutes: LME Inventory Continued to Decline, LME Zinc Fluctuated at Highs] Last Friday, LME zinc posted a small bullish candlestick, with the 5-day moving average providing support below. Last Friday, LME zinc fluctuated at highs. LME inventory continued to decline, and structural risks in LME Cash-3M persisted, providing strong support for LME zinc.

[Tug-of-War Between Longs and Shorts Continued, SHFE and LME Prices Fluctuated Upward] At the beginning of the week, boosted by optimistic sentiment over the easing of earlier geopolitical tensions, LME zinc edged up. Subsequently, as expectations for U.S.-Iran peace talks wavered and the Strait of Hormuz faced renewed restrictions, market concerns intensified, and LME zinc struggled to rise and continued to pull back.

[SHFE/LME Zinc Price Ratio Rebounded to Around 7.0 and Fluctuated]: This week, the SHFE/LME zinc price ratio rebounded to around 7.0 and fluctuated, with the zinc ingot import window remaining closed. Ex-China, US-Iran negotiations eased, market risk appetite improved, LME inventory continued destocking, bears reduced positions and exited, and LME zinc center moved up. At the end of the week, US-Iran tensions resurfaced, and LME zinc edged down slightly.

[Tianjin Zinc Ingot Spot Premiums Edged Up]: Spot premiums in the Tianjin area edged up this week, up 10 yuan/mt WoW. As of this Friday, domestic ordinary brands were quoted at a discount of around 50-120 yuan/mt against the 2605 contract, premium brands at a discount of around 0-40 yuan/mt against the 2605 contract, and Tianjin at a discount of around 50 yuan/mt against Shanghai.