Zinc Ingot Social Inventory Up 16,200 mt from Monday

SHANGHAI, Feb 3 (SMM) - SMM data shows that the zinc ingot social inventories across seven major markets in China totalled 174,100 mt as of February 3, up 70,600 mt from a week ago and up 16,200 mt from this Monday (January 30).

In Shanghai, the market arrivals were stable, but downstream enterprises had sufficient inventory as they just set to resume the production. The low outflows caused the inventory in Shanghai to accumulate.

In Tianjin, the overall arrivals were modest, and the trades gradually picked up with the re-opening of downstream enterprises. However, the purchases were primarily made on rigid demand. As a result, the inventory in Tianjin continued to rise.

In Guangdong, the overall inflows were not much, and most enterprises did not fully resume their production. The high zinc prices also weighed on the transactions. The inventory in Guangdong thus extended the increase.

Taken together, inventories in Shanghai, Guangdong and Tianjin rose 14,800 mt, and inventories across seven major markets in China gained 16,200 mt.