SHANGHAI, Jun. 19 (SMM) - Shanghai’s zinc inventories fell to a three-month low this past week, SMM data show.
Some smelters in North and South China axed supply to Shanghai on lower prices. Limited influx of imported zinc also precipitated a drop in local inventories, SMM zinc analyst says.
Inventories in Tianjin also dropped on limited supply from central China and local smelters, which are under maintenance.
Guangdong’s reserves were largely unchanged as both inbound and outbound-shipments were down.
Inventories in the three markets will continue to fall next week, SMM expects. Modest shipments to Shanghai due to no price advantage and output cut at smelters will lead to lower stocks there, despite slight shipments of imported goods. Guangdong and Tianjin will see inventories stabilize.
Total inventories in the major three markets in China fell 7,700 tonnes to 264,000 tonnes this week, according to SMM statistics.
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