SHANGHAI, Jun. 24 (SMM) - Combined zinc inventories in Shanghai, Tianjin and Guangdong fell 1,300 to 328,900 tonnes this week, SMM data show.
Zinc stocks in Guangdong climbed. Local die-cast zinc alloy plants suffered from cash tightness and soft demand, leading to slow sales, SMM said.
Zinc inventories in Shanghai and Tianjin declined. Zinc smelters sold steadily. Downstream buying interest improved in the latter half of last week due to falling zinc prices, and this increased outward shipments, SMM added.
Total inventories in the three regions are expected to stabilize next week, SMM anticipates.
“Should zinc prices remain weak next week, zinc smelters will hold back goods, reducing arriving shipments. But consumption is also sluggish, so inventories will remain steady.”one SMM zinc analyst said.
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