Shanghai zinc futures fell below 26,000 yuan per metric ton on Tuesday, while spot-market activity improved as some downstream buyers used the decline to replenish supplies.
Mainstream Shanghai transactions for #0 zinc were reported at 25,835-26,050 yuan per ton, while #1 zinc changed hands at 25,765-25,980 yuan. Shuangyan material recorded no transactions. Early offers against the market average carried premiums of 80-90 yuan per ton, and ordinary domestic brands were later quoted at premiums of 90-100 yuan against the November 2026 contract.
The higher-priced Shuangyan brand had no quotation against that contract.
Some consumers bought after the futures retreat lowered price levels, but most downstream participants remained cautious. Spot turnover nevertheless improved from the previous session, traders continued lifting offers, and east China premiums moved higher.
The market tone was weaker elsewhere in China. In Tianjin, #0 zinc transactions were reported at 25,710-26,030 yuan per ton, with Zijin at 25,870-26,100 yuan and #1 zinc near 26,050-26,160 yuan.
The combination of softer futures and firmer regional premiums points to a divided market: buyers showed interest at lower outright prices, but cautious consumption and stronger seller offers prevented a broad-based recovery in demand.