SHANGHAI, Jul. 3 (SMM) – Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 11,400 to 109,800 tonnes last week, SMM data show.
Zinc inventories in both Shanghai and Tianjin fell, while those in Guangdong added. Supplies in Guangdong were steady. Downstream buyers lacked buying interest since they had built some stocks previously. Inventories fell in Tianjin because of fewer arriving shipments from Zijin Mining. Besides, production at galvanizers recovered after environmental protection inspections in north China. Downstream producers purchased as needed. Arriving shipments of imported zinc decreased in Shanghai due to unfavorable SMM/LME zinc price ratio. When combined with robust consumption, zinc inventories in Shanghai continued falling, SMM said.
Total inventories in the three regions will remain largely unchanged in the coming week, SMM predicts.
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