SHANGHAI, Jul. 3 (SMM) - Inventories in Guangdong grew this past week due to much fewer out-shipments from soft demand. Smelters had reduced supply in the latter half of the week on easing liquidity crunch, though.
Tianjin’s reserves also grew as shipments from Zijin Mining and Chifeng NFC Zinc Industry increased slightly.
Inventories in Shanghai stayed largely unchanged despite a large inflow of imported zinc. Imported zinc inflows there will decrease next week.
Total inventories in the three markets are expected to be steady as a whole next week due to improving downstream buying interest from stabilizing zinc price and eased cash tightness, SMM predicts.
Combined inventories in Shanghai, Tianjin and Guangdong grew 2,600 to 266,600 this past week, SMM data show.
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