SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 112,300 mt as of Friday June 30, up 7,000 mt from Wednesday June 21 but down 3,400 mt from Monday June 26.
Inventories in Shanghai increased due to arriving shipments of imported zinc ingots and sluggish consumption. Inventories in Guangdong fell slightly driven by limited shipments arrivals and some traders purchasing when spot premiums plunged. Inventories in Tianjin dipped. Shipments under small orders were reduced in anticipation of maintenance at some smelters in July, limiting arriving shipments at warehouses. Downstream buyers purchased as required. Inventory in Shanghai, Guangdong and Tianjin fell 800 mt.
The inventory in Zhejiang dropped significantly, mainly due to fewer available imported cargoes and the lack of shipments arrivals of domestic zinc.
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