SHANGHAI, Aug 31 (SMM) – Zinc inventories in China rose over the weekend, due to concentrated arrivals at some regions and as a spike in prices sidelined buyers.
SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei increased 2,100 mt from August 28 to 179,300 mt as of August 31. The stocks were up 4,600 mt from last Monday August 24.
Stocks in Shanghai built up as arrivals of cargoes from some smelters increased. Downstream restocking at low prices and increasing arrivals of zinc ingots lowered stocks in Guangdong. Stocks in Tianjin have built up as downstream demand was affected by environmental protection, and the arrivals of cargoes were stable due to improved transportation.
Compared to last Friday, social inventories of refined zinc across the three major trading hubs (Shanghai, Tianjin and Guangdong) grew 2,400 mt.