SMM September 17-the third day of this week zinc social stocks increased by 1700 tons to 116900 tons compared with the beginning of last week, the increase is not obvious.
However, at present, the import window continues to open, the bonded area inventory has maintained an average of 10,000 tons per week for many weeks, and there are no obvious signs of improvement in downstream consumption, but the domestic social inventory has not increased significantly. SMM believes that: first, part of the bonded area of goods directly to the downstream, not into the warehouse; second, there are fewer zinc ingots pulled into the domestic non-delivery warehouse for other metals; Third, the increase in the output of domestic smelters is limited, the overall source of domestic brand goods into the warehouse is limited, downstream to import zinc procurement-based, driving part of the sales warehouse. SMM expects subsequent inventories to increase slightly as the import window opens.
Historical data reference website: data.smm.cn (login and download after registration)