Zinc Ingot Social Inventory Down 9,600 mt from Monday

SHANGHAI, Mar 24 (SMM) - SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 155,400 mt as of this Friday March 24, down 14,000 mt from a week earlier and 9,600 mt lower than this Monday (March 20).

In Shanghai, the warehouse inflows dropped compared with a week ago due to low arrivals. In addition, some zinc ingots were transferred to Ningbo to ease the supply tightness there. As a result, the inventory in Shanghai shrank. In Guangdong, the market arrivals were stable during the week, while downstream buyers still purchased in small amounts on dips, thus the inventory in Guangdong slipped slightly. In Tianjin, the social inventory diminished as operating rates of downstream enterprises were high in spite of the impact of environmental protection measures in Hebei.

Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 8,500 mt, and that across seven major markets in China was down 9,600 mt as well.