SHANGHAI, Jul. 31 (SMM) – Combined zinc inventories in Shanghai, Tianjin and Guangdong increased 200 tonnes to 122,600 tonnes last week, according to SMM data.
Inventories in Guangdong were steady, and those in Shanghai declined. Arriving shipments of imported zinc in Shanghai were limited, and downstream buyers purchased as needed. Besides, some zinc smelters reduced shipments to Shanghai because of price spread between Shanghai and Tianjin.
China Zinc Concentrate TCs Hold Stable on Ore Tightness in August, SMM Reports
Zinc inventories in Tianjin grew nearly 4,000 tonnes on a weekly basis. Shipments from Zijin Mining arrived. This, combined with more shipments to Tianjin by some smelters and weak downstream buying interest, added to inventories in Tianjin.
Fundamentals to Keep Zinc Prices High This Week, SMM Foresees
Total inventories in the three regions will remain steady this week, SMM Predicts.
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