Ningbo’s spot zinc market tightened on Nov. 2 as limited trader selling pushed premiums higher, even while buying remained restrained. Mainstream 0# zinc changed hands at roughly 25,510-25,790 yuan per metric ton, while conventional brands were offered at a 30-yuan premium to the Shanghai Futures Exchange’s 2612 contract and 40 yuan over Shanghai spot cargoes.
Most Ningbo quotations were linked to the 2612 contract. In the first trading session, Anning material was offered at premiums of 30-50 yuan per ton against that contract. Trader quotations were unchanged in the second session, indicating that the day’s price increases were concentrated in the initial repricing rather than followed by another broad adjustment.
The physical market’s firmness contrasted with weaker futures during the morning. Downstream companies bought only as needed, and overall spot trading was described as sluggish. That combination left sellers with relatively few offers while buyers avoided building larger positions at prevailing prices.
That update also recorded few sellers, firm quotations and weaker spot trade after a futures rebound revived downstream caution.
A separate Nov. 6 market review put the Ningbo premium at 70 yuan per ton over the 2612 contract, up 30 yuan from the prior comparable reading, while Shanghai’s premium also rose 30 yuan and Guangdong’s increased 10 yuan. The same review attributed Ningbo’s tighter availability to delayed contract cargo after a typhoon and fewer traders shipping, but said end-user demand remained weak. The evidence therefore points to a supply-and-logistics squeeze in the spot market, not a confirmed acceleration in consumption. For buyers, the immediate consequence was a higher physical premium and fewer readily available offers; for sellers, it was stronger pricing power despite limited transaction volume.