SHANGHAI, Nov. 20 (SMM) - Combined inventories in Shanghai, Tianjin and Guangdong fell slightly to 312,500 tonnes this past week, SMM finds.
“Most zinc smelters held onto their goods on low zinc prices. This, coupled with dip-buying resulted in a small decline in total inventories in the three regions,”said an SMM zinc analyst.
Shanghai witnessed stable zinc inventories. Arriving shipments from Shanghai were limited, but inflows of goods from Guangdong’s Nanchu warehouses and imported zinc added to local inventories.
Guangdong reported declines in zinc inventories due to outward shipments. Some goods were delivered from Guangdong to Shanghai as the price spread between the two was even larger than freight charges.
Tianjin’s zinc stocks fell slightly. Some smelters, including Shaanxi Zinc Industry Company Shangluo Smelter, held onto their goods, reducing shipments to Tianjin. But supplies from Zijin Mining were stable. There were also some zinc shipments from Shanghai.
Shanghai’s zinc inventories should grow next week, the SMM zinc analyst predicts, due to growing shipments from South China to East China and continuous inflows of imported zinc. Guangdong’s stocks will fall.
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