SHANGHAI, Sep 7 (SMM) – Zinc inventories in China fell over the weekend, primarily propelled by losses in Shanghai.
SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 7,200 mt from September 4 to 171,200 mt as of September 7. The stocks were down 8,100 mt from last Monday August 31.
Stocks in Shanghai declined as inflows of imported zinc increased slightly with increasing downstream purchase of domestic zinc at low prices. Downstream restocking demand at low prices and increasing shipment of cargoes lowered stocks in Guangdong. Stocks in Tianjin were little changed as environmental protection mills resumed production one after another and the arrivals of cargoes increased.
Compared to last Friday, social inventories of refined zinc across the three major trading hubs (Shanghai, Tianjin and Guangdong) shrank 5,200 mt.