SHANGHAI, Jul. 24 (SMM) – Combined zinc inventories in Shanghai, Tianjin and Guangdong decreased 2,700 tonnes to 122,400 tonnes last week, SMM data showed.
Inventories in Guangdong and Tianjin decreased further. Zinc inventories in Shanghai grew slightly.
Arriving shipments in Tianjin were limited due to maintenance at Zijin Mining, Chifeng NFC Zinc Industry, Chihong Zn & Ge’s Hulun Buir smelter and Xing’an Copper & Zinc Smelting Company. Guangdong’s inventories fell slightly because dip-buyers entered the market after zinc prices fell in the latter half of the week. Besides, arriving shipments of imported goods have been limited recently, and stocks have been also consumed. Shanghai witnessed some inflows of imported zinc last week, adding to local inventories.
Total inventories in the three regions will remain steady this week due to maintenance at smelters in north China, SMM predicts.
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