SHANGHAI, Nov. 27 (SMM) - Combined zinc inventories in major Chinese markets, including Shanghai, Tianjin and Guangdong, added 1000 tonnes this past week to 313,500 tonnes, SMM sources reports.
Zinc smelters held back goods early this week but increased supplies later the week due to rising zinc prices and month-end liquidity crunch, with large inflows of imported zinc.
Zinc inventories in Shanghai remained largely unchanged and are expected to grow next week. Zinc smelters stepped up supplies in the latter half of the week, and there were also arriving shipments from Guangdong.
Guangdong’s zinc reserves fell further as some goods were shipped to Shanghai due to the price spread between the two regions. Some smelters sold only modestly. Tianjin saw inventories grow significantly thanks to sufficient supplies from Zijin Mining, Chifeng NFC Zinc Industry Co. and Shaanxi Zinc Industry’s Shangluo Smelter.
Total zinc inventories in the three regions are expected to grow more noticeably next week due to smelters selling proactively, weaker demand and additional inflows of imported zinc, SMM says.
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