SHANGHAI, Apr. 9 (SMM) - Spot zinc stocks fell for a fifth consecutive week in China as domestic smelters remained unwilling to sell for low prices, according to a survey by Shanghai Metals Market.
Stockpiles of the galvanizing metal on a spot basis in three major trading regions – Shanghai, Tianjin and Guangdong – declined by 5,800 tonnes last week to 361,100 tonnes, the survey showed.
Zinc prices on Shanghai Futures Exchange (SHFE) made only small gains after tumbling to below 14,700 yuan ($2,387) per tonne on March 20, the lowest level since July 2013.
Downstream buying interest was also low due to cash flow problems, which should improve this week at the start of a new month and quarter, according to SMM’s research team.