Zinc social inventories fell 5,500 mt on week

This is a roundup of China's metals weekly inventory as of July 2.

Operating rates at copper rod makers stood at 72.66% in August, a decrease of 3.50 percentage points month on month and 2.79 percentage points year on year, according to SMM survey.

Inventories of refined nickel in the Shanghai bonded areas remained unchanged from a week ago and stood at 20,800 mt as of September 4, showed SMM data.

Inventories of steel rebar across Chinese steelmakers and social warehouses declined in the week ended September 3 as in-plant stocks fell rapidly in a traditional high season.

Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin dropped more than 4,700 mt from the prior week to 31,600 mt in the week ended September 4.

Social inventories of silicon metal in China edged higher this week as producers in Yunnan stepped up operations. 

Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin dipped 700 mt from the prior week to 36,400 mt in the week ended August 28.

Zinc inventories in China increased 6,700 mt over the weekend, and Shanghai and Tianjin were the two major contributors.

Silicon metal inventories in China continued to rise this week, albeit by a slower pace as seasonal gains in south China’s Kunming were offset by losses in the north caused by the shutdown of a major plant in Xinjiang and logistical disruptions amid a flare-up in coronavirus infections there.

Social inventories of primary aluminium ingots in China continued to fall over the weekend, suggesting that fundamentals for Shanghai aluminium prices remain firm.