SHANGHAI, Aug 31 (SMM) – Imports grew social inventories of zinc on a weekly basis as of Friday August 31. Imports rose in an open import arbitrage window that has been open for three consecutive weeks.
Stocks across the major markets of Shanghai, Tianjin, and Guangdong came in at 109,100 mt as of Friday August 31, up 4,000 mt from Friday August 24.
As of August 31, stocks across social warehouses in Shanghai jumped 6,900 mt from last Friday to 56,200 mt. This accounted for the increase in social inventories.
Stocks stood unchanged at 6,300 mt in Guangdong, and shrank 2,900 mt from last Friday to 46,600 mt in Tianjin, SMM data showed. Limited arrivals from smelters accounted for the decline in Tianjin. Downstream consumers showed no signs of improved purchasing interest.
SMM believes that more imports are likely to continue to grow social inventories next week.
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