Zinc social inventories rose 27,900 mt over weekend

SHANGHAI, Feb 22 (SMM) – Zinc inventories in China rose over the weekend.

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei increased 27,900 mt from last Thursday February 18 to 252,400 mt as of Monday February 22. The stocks were up 85,300 mt from February 10.

Arrivals of smelters continued to increase. Although some downstream companies resumed production, they still focused on digesting finished product inventories in the near term. In addition, rising zinc prices suppressed the restocking demand, leading to a continuous increase in zinc inventories.

Compared to last Thursday, social inventories of refined zinc across the three major trading hubs (Shanghai, Tianjin and Guangdong) increased 26,400 mt.