SHANGHAI, Jan. 29 (SMM) - Combined zinc inventories in Shanghai, Tianjin and Guangdong added 16,500 to 353,100 tonnes this past week, SMM data show.
“Transportation networks were mostly suspended this week. Downstream buyers mostly withdrew from the market, so outward shipments decreased,” an SMM zinc analyst said. “In the meantime, shipments from zinc smelters were stable on rising zinc prices, despite limited supplies of some brands from logistics factors.”
Total inventories in the above three regions are expected to grow further following the 2016 Chinese New Year holiday with normal arriving shipments and weak demand, the analyst added.
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