Zinc Inventories in China Drop Below 200,000 mt

Published: Sep 30, 2026 15:40 (GMT+8)

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[SMM Flash] According to SMM communication, as of Wednesday this week, SMM zinc ingot social inventory across seven major markets continued to decline, pulling back both WoW and from the beginning of this week. China's inventory destocked further and fell below 200,000 mt. Zinc prices remain at a relatively high level, but with the National Day holiday approaching, some end-users still have pre-holiday stockpiling demand, which supports spot cargo pick-up. In addition, the zinc ingot export window has remained open recently, with some cargoes diverted through spot export channels, further driving down China's social inventory. In this round of destocking, the inventory decline in Tianjin was relatively notable.

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