The inventories of finished products held by zinc smelters added 18,600 mt MoM to 83,700 mt in April, including 62,500 mt of zinc ingots and 16,700 mt of zinc alloy, according to SMM survey.
The inventory growth was mainly contributed by Hechi Nanfang, Yuguang Gold & Lead, Tongguan Dongling Group, Baiyin Nonferrous Mining and Zhuzhou Smelter. Zinc products inventories at Chihong Zinc & Germanium and Zhongjin Lingnan Nonfemet declined.
The inventory of finished products increased mainly due to the drop in zinc prices from April to May, which drove smelters to hold back their cargoes. It is expected that in May, the output of smelters will refresh a new high for the year, and the inventory at smelters will remain high.
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