[Downstream Enterprises Actively Priced and Purchased, with Spot Transactions Improving Significantly During the Week]: This week, Ningbo spot premiums continued to rise, with the weekly average price up 20 yuan/mt WoW. As of this Friday, Ningbo spot prices against the 2604 contract were at a discount of 30 yuan/mt, with a premium of 50 yuan/mt against Shanghai, and the premium against Shanghai widened during the week..

[Futures Zinc Prices Fell Sharply, While Spot Premiums Strengthened During the Week]: Shanghai spot premiums strengthened this week, with the weekly average price up 20 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at discounts of 30 yuan/mt to 20 yuan/mt against the 2604 contract, while the high-priced brand Shuangyan was quoted at a premium of 50 yuan/mt against the 2604 contract.

Spot #1 copper cathode in North China was quoted at discounts of 60 yuan/mt to parity against the front-month contract today. The average premium/discount fell by 30 yuan/mt from the previous trading day, and the average transaction price rose by 195 yuan/mt from the previous trading day to 95,840 yuan/mt.

SMM, March 20: In the morning session, SHFE aluminum 2604 fluctuated downward, with the price center falling sharply from the previous trading day. Affected by the decline in aluminum prices, overall buying sentiment rose today, prompting sellers to hold prices firm. Mainstream transaction prices in the market today were concentrated around the average price of the SHFE aluminum 04 contract to a premium of 20 yuan/mt. Today, the east China market shipment sentiment index was 3.2, up 0.06 MoM; the buying sentiment index was 3.23, up 0.07 MoM.

Today, spot #1 copper cathode in North China was quoted at a discount of 40 yuan/mt to a premium of 40 yuan/mt against the front-month contract, with the average premium/discount at parity, up 60 yuan/mt from the previous trading day. The average transaction price was 95,645 yuan/mt, down 3,375 yuan/mt from the previous trading day.

According to the latest market news:South 32 revised Q2 ‘2026 CIF MJP Premium offer is US$353/mt.

[Zinc Prices Fell During the Week, Guangdong Spot Premiums Rose] Guangdong premiums rose 20 yuan/mt WoW this week. As of this Friday, mainstream 0# zinc in Guangdong was quoted at discounts of 0 to premiums of 40 yuan/mt against the market, and the Shanghai-Guangdong price spread continued to widen......

[Zinc Prices Broke Lower and Moved Downward, with Good Trading This Week]: Spot premiums in Tianjin rose slightly this week, up 10 yuan/mt WoW. As of this Friday, in China, standard brands were quoted at discounts of around 20-70 yuan/mt against the 2604 contract, while high-priced brands were quoted at discounts of around 10 yuan/mt to premiums of around 10 yuan/mt against the 2604 contract. Tianjin was quoted at a discount of around 10 yuan/mt against Shanghai.

[SMM Analysis]Analysis of Import and Export Data for Unwrought Aluminum Alloy, January-February 2026

SMM News, March 20: This week, secondary refined lead was mostly quoted at premiums of 0-75 yuan/mt against the SMM #1 lead average price, with some cargoes available for delivered premiums of 50 yuan/mt. Affected by falling lead prices, downstream wait-and-see sentiment, and relatively cautious procurement, suppliers showed weak willingness to sell, and overall market transactions were sluggish. This week, secondary lead smelters lowered scrap battery purchase prices, easing raw material cost pressure, and losses narrowed WoW; as of March 20, 2026, the theoretical comprehensive profit/loss for large-scale enterprises stood at -337 yuan/mt, versus -541 yuan/mt for small and medium-sized enterprises (the model's by-product revenue did not include tin and antimony). As smelters that resumed production continued to release capacity, ample supply weighed on lead prices. Combined with the wide range of cargo types available to downstream enterprises, spot order premiums for secondary refined lead are expected to narrow next week, while actual prices will still depend on changes in raw material costs. > Subscribe to View Historical SMM Metal Spot Prices