SHANGHAI, Jul. 17 (SMM) – Combined zinc inventories in Shanghai, Tianjin and Guangdong increased 8,400 tonnes to 125,200 tonnes last week, SMM data showed.
Inventories in Guangdong and Tianjin decreased slightly. Inflows of imported zinc in the two regions continued falling this past week, SMM reported. Downstream buyers took a wait-and-see attitude early in the week in the face of high zinc prices, and replenished stocks at lows at the week’s end, boosting consumption.
Zinc inventories in Shanghai grew further by 10,200 tonnes last week because of additional inflows of imported zinc, which mainly consist of SMC and Indian zinc. Besides, downstream buying interest was weak due to high prices, leaving trading dull. Arriving shipments of both domestic and imported goods will be limited in the coming week. Downstream buyers will purchase as needed. As such, total inventories in the three regions will remain steady this week, SMM predicts.
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