SHANGHAI, Sept. 25 (SMM) - Combined zinc inventories in Shanghai, Tianjin and Guangdong fell 6,200 to 293,400 tonnes this past week, SMM statistics show.
Guangdong’s stocks were down. There were no shipments of Qilin zinc arriving in Guangdong this week, and downstream buyers hoarded inventories before China’s National Day holiday, reducing local inventories, SMM explained.
Tianjin’s inventories fell modestly. Smelters held back goods at the same time as bargain hunters rushed to the market. Nonetheless, some downstream buyers shifted to Shanghai as the price spread between Tianjin and Shanghai grew to RMB 400-500/mt at one point, so the drop is only limited.
Zinc inventories in Shanghai stabilized. More downstream buyers bought goods from Shanghai for cost-efficiency, but outward shipments were offset by continuous inflows of imported zinc.
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