Southeast Asian SHG zinc ingot CIF premiums have continued to decline recently. According to SMM data, as of July 21, premiums in both the Malaysian and Indonesia markets stood at USD$100–128/mt, averaging USD$114/mt, down notably from early July. The decline was mainly driven by weak spot demand. Downstream buyers in Southeast Asia continue to rely primarily on annual contracts, resulting in limited spot restocking demand, fewer new inquiries and scarce concluded transactions. Sellers have therefore gradually lowered offers to facilitate spot sales. Meanwhile, some China-brand zinc ingots have entered the market at lower premiums, with recent transactions and workable levels mostly reported at USD$80–100/mt, placing pressure on mainstream offers. Premium differentials between brands remain. International mainstream and more widely accepted brands continue to command relatively firm offers, but higher-priced deals have become more difficult to conclude amid insufficient buying interest. In the near term, Southeast Asian zinc premiums are expected to remain under pressure as long-term contract coverage stays high and spot demand shows no clear improvement. However, actual transaction levels may continue to vary depending on brand, shipment timing and quotation period.

[Traders Continue to Hold Prices Firm and Sell, Shanghai Spot Premiums Rise Significantly]: This week, Shanghai spot premiums rose significantly, up 30 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at a premium of 40 yuan/mt against the 2608 contract, while the high-priced brand Shuangyan was quoted at a premium of 130-150 yuan/mt against the 2608 contract..

[Ningbo Zinc: Traders Take Casual Approach to Shipments, Spot Premiums Hold Steady] Mainstream 0# zinc transaction prices in the Ningbo market were around 24,240-24,365 yuan/mt. Conventional brands in Ningbo were quoted at a discount of 30 yuan/mt against the 2608 contract and a premium of 35 yuan/mt against Shanghai spot. Mainstream quotes in Ningbo area were based on the 2608 contract...

[Zinc futures prices dropped consecutively during the week, spot transactions improved significantly]: Last week, spot premiums in Ningbo initially fell and then rose, with the overall average basically flat WoW. As of last Friday, Ningbo spot prices against the 2607 contract were quoted at a premium of 10 yuan/mt, and at a premium of 25 yuan/mt against SHFE. The premium against SHFE maintained a fluctuating trend during the week.

[SMM Update] Premiums in Guangdong rose 10 yuan/mt WoW. As of this Friday, mainstream 0# zinc in Guangdong was quoted at a discount of 80-50 yuan/mt, and the Shanghai-Guangdong price spread widened.

[SMM Flash] This week, premiums and discounts in the Guangdong region decreased by about 55 yuan/mt compared to pre-holiday levels. As of this Friday, the mainstream 0# zinc was quoted at a discount of 125 yuan/mt in Guangdong, and the Shanghai-Guangdong price spread narrowed.

During the week, the zinc ingot market in Guangdong underwent a contract rollover, with spot quotations officially switching from the 2603 contract to the 2604 contract. Against the backdrop of the SHFE zinc market maintaining a Contango structure, spot premiums and discounts for zinc ingots in Guangdong continued their downward trend after the rollover, further declining from -80 yuan/mt before the rollover to -125 yuan/mt today, highlighting persistent short-term downward pressure.

[Zinc Futures Prices Rose, Premiums Pulled Back Significantly]: Spot zinc premiums in Ningbo pulled back significantly this week, down 75 yuan/mt WoW. As of Friday, spot prices in Ningbo were at a premium of 70 yuan/mt against the 2602 contract and a premium of 40 yuan/mt against Shanghai prices, with the premium against Shanghai narrowing gradually during the week.

[SMM Flash] Guangdong's premiums and discounts rose by around 20 yuan/mt WoW. By Friday, the mainstream 0# zinc was quoted at a premium of 0 yuan/mt against the market, and the Shanghai-Guangdong price spread remained stable.

[ SMM Express ] WoW, premiums and discounts in Guangdong rose by about 10 yuan/mt. As of Friday this week, mainstream 0# zinc was quoted at a premium of 5 yuan/mt against the market, and the Shanghai-Guangdong price spread narrowed.