SHANGHAI, Feb 6 (SMM) - SMM data shows that the zinc ingot social inventories across seven major markets in China totalled 180,800 mt as of February 6, up 22,900 mt from the previous week and up 6,700 mt from last Friday (February 3).
In Shanghai, the market arrivals were stable, but some downstream enterprises picked up the cargoes over last weekend, thus the inventory in Shanghai only increased slightly. In Tianjin, the arrivals were relatively tight, and some zinc ingots were in transit to delivery warehouses. Therefore, the inventory in Tianjin was basically unchanged. In Guangdong, the smelters were not satisfied with the premiums and held back from shipping, leading to only a few arrivals. The inventory in Guangdong recorded an increase as downstream enterprises purchased on rigid demand.
Taken together, inventories in Shanghai, Guangdong and Tianjin rose 5,800 mt, and inventories across seven major markets in China gained 6,700 mt.
