Zinc Ingot Social Inventory Dropped 3,000 mt over Weekend

SHANGHAI, Mar 27 (SMM) – SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 152,400 mt as of today March 27, down 12,600 mt from a week earlier and 3,000 mt lower than last Friday (March 20).

In Shanghai, the market arrivals were low, and some zinc ingots were still transferred to Ningbo to ease the supply tightness there. As a result, the inventory in Shanghai sank further amid stable cargo pick-ups. In Guangdong, the market arrivals were stable but downstream buyers were active in purchasing, thus the inventory in Guangdong slipped slightly. In Tianjin, the operating rates of some enterprises dropped as falling steel prices weighed on the sales of finished products. As such, the purchases of zinc ingots dropped while the arrivals rose steadily, leading to a small accumulation in the inventory in Tianjin.

Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 1,300 mt, and that across seven major markets in China was down 3,000 mt as well.