[SMM Data] SMM February 27 News: According to SMM communication, as of this Thursday (February 27), the total zinc ingot inventory across seven regions monitored by SMM stood at 145,300 mt, an increase of 8,200 mt compared to February 20 and a decrease of 300 mt compared to February 24, with domestic inventory recording a decline.
Shanghai region inventory increased, mainly due to the continuous arrival of zinc ingots in the Shanghai market during the week and just-in-time procurement by downstream buyers, leading to a significant overall inventory growth. Guangdong region inventory decreased, primarily due to reduced zinc ingot arrivals in Guangdong during the week, coupled with downstream buying the dip, resulting in a decline in zinc ingot inventory. Tianjin region inventory also decreased, as the futures market showed a significant drop during the week, downstream operations continued to recover, and zinc ingot inventory slightly declined under dip pricing and cargo pick-up.
Overall, the original three-region inventory decreased by 100 mt, while the seven-region inventory decreased by 300 mt.
