SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 105,300 mt as of Wednesday June 21, down 2,100 mt from Friday June 16 and 3,300 mt lower than Monday June 19. During the week, total inventory dipped. Shipments from and to Shanghai warehouses changed little.
Shipments from Guangdong increased due to downstream stockpiling, lowering local inventories. Arriving shipments in Tianjin were normal. Few large scale downstream plants closed during the Dragon Boat Festival holidays, growing pre-holiday stockpiling. As such, inventories dropped noticeably. Inventory in Shanghai, Guangdong and Tianjin fell 2,800 mt, and inventories across seven Chinese markets decreased 3,300 mt.
