Zinc Ingot Social Inventory in Seven Major Regions in China Rose 26,900 mt

SHANGHAI, January 28 (SMM) – As of January 28, the zinc ingot inventory across the seven major regions in China totalled 160,500 mt, up 15,200 mt from January 24 and up 26,900 mt from January 21, according to SMM data. The accumulation of domestic inventories accelerated this week. The inventory in Shanghai increased significantly as higher zinc prices suppressed downstream demand and more cargoes arrived. The inventory in Guangdong also grew amid stable arrivals and sharp decline in demand after the downstream producers took the CNY holiday. The inventory in Tianjin continued to increase as most of the downstream producers have shut down for the CNY. The total inventories across Shanghai, Guangdong, and Tianjin rose by 25,100 mt from January 21.