SHANGHAI, Apr 20 (SMM) – Zinc inventories in China extended their declines over the weekend on the back of stable shipments.
SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei stood at 265,600 mt as of Monday April 20, down 6,600 mt from Friday April 17 and down 18,000 mt from Monday April 13.
Guangdong and Tianjin accounted for most of the declines in overall inventories during the weekend. Shipments from Guangdong were at high levels as cargoes were partially moved to Zhejiang and Fujian and some alloy producers in Hunan procured raw materials from Guangdong. Stocks in Tianjin shrank as downstream consumers ramped up restocking last Friday.
Inventories in Shanghai, meanwhile, edged higher over the weekend amid stable arrivals and on-demand purchases.
Compared to last Friday, social inventories of refined zinc across Shanghai, Tianjin and Guangdong decreased 6,700 mt.