SHANGHAI, Jun 22 (SMM) – Social inventories of zinc across Shanghai, Guangdong and Tianjin grew 3,600 mt from last Friday to stand at 148,200 mt as of Friday June 22, SMM data showed.
Deliveries from smelters arriving at warehouses in Shanghai and Tianjin as well as few inflows of imported resources into Shanghai, accounted for the slight increase.
However, the inventory shrank from 157,800 mt on Tuesday June 19.
As of June 22, inventories in Shanghai, Guangdong and Tianjin stood at 113,900 mt, 14,900 mt and 19,400 mt, respectively.
Shipments departed warehouses steadily over the week as downstream consumers restocked after the Dragon Boat Festival and as zinc prices fell.
SMM expects inventories to decline next week as the closed import arbitrage window would limit arrivals of zinc imports.