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SMM: Tangible Rise for Zinc Inventories in October, Mainly Contributed by Tianjin and Guangdong

iconOct 20, 2017 08:44
Source:SMM
Up to latest Oct.13th, inventories in Shanghai, Tianjin and Guangdong is totally 116,200 tonnes.

SHANGHAI, Oct. 20 (SMM)-Up to latest Oct.13th, inventories in Shanghai, Tianjin and Guangdong is totally 116,200 tonnes. After the holiday, the total inventories increases 14,100 tonnes compared with 100,210 tonnes on Sept.8th, which is mainly contributed by Tianjin and Guangdong. While inventories in Shanghai appears to drop evidently, declining 4,500 tonnes compared to early September.

Since September, many smelting plants in North has finished their maintenance. Thereinto, Chifeng Zhongse, Chihong Zn&Ge (Hulunbeir) and Bayannur Zijin smelting plants have recovered their production to normal level, with rising arrival quantity compared with August. At the opening of the 19th CPC National Congress, output of zinc-consumption downstream enterprises has reduced under government regulation. With weak downstream consumption, the shipment volume is being limited and inventories has increased by 10,900 tonnes from 10,900 tonnes in early September to 21,800 tonnes. For Guangdong, performance of supply side and consumption side keeps stable, with rising inventories mainly contributed by accumulative inventories during the long holiday.

For Shanghai, declining inventories is mainly caused by dropping arrival quantity in the market and stockup of the consumption side before the holiday. Import windows keep closed with few arrival stocks of imported zinc. Additionally, downstream began to stock up before holiday. Shanghai market had a good transaction but declining inventories. After the holiday, despite some increase of the inventories, it cannot offset previous drop.

The total inventories in three places is increasing in September. Since October, galvanizing downstream enterprises in Tianjin perform poorly. Except Shenzhen Zhongjin Lingnan Nonfemet Company, most smelting plants keep stable production. SMM predicts social inventories in three places will keep stable and slight increase based on current level.


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