SHANGHAI, Jul 24 (SMM) – Zinc inventories in China continued to fall this week, primarily propelled by a sharp decline in Shanghai where inflows were affected by heavy rain and floods while outflows were supported by dip-purchases by downstream consumers.
SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 7,800 mt in the week ended July 24 to 198,900 mt, after a decline of 5,700 mt in the previous week. The stocks dropped 6,200 mt from Monday July 20.
Stocks across the three major trading hubs (Shanghai, Tianjin and Guangdong) fell 7,800 mt this week, compared with a 4,200 mt decline in the week before.
Inventories in north China’s Tianjin fell this week due to reduced inflows, while stocks in south China’s Guangdong edged lower as downstream consumers stepped up purchases.
