SHANGHAI, Aug. 28 (SMM) –Total zinc inventories in Chinese major markets, including Shanghai, Tianjin and Guangdong grew 6,700 tonnes this past week, according to SMM data.
Inventories in Tianjin posted slight increases as shipments from Chifeng NFC Zinc Industry Co. and Zijin Mining arrived. At the same time, downstream purchases slid after downstream processors cut output.
Shanghai’s zinc inventories climbed further with continuous inflows of imported zinc and arriving shipments from Guangdong.
Guangdong reported a decline in zinc inventories. Some smelters were actively selling to Shanghai and Ningbo whilst reducing supplies to Guangdong now that the price spread between Shanghai and Guangdong widened to 150 yuan per tonne at one point. Besides, outward shipments increased due to dip-buying.
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