Inventories of Zinc Ingot across Seven Major Markets Decreased 14,900 mt on the Week

SHANGHAI, May 16(SMM) - Total zinc ingots inventories across seven markets stood at 261,100 mt as of Monday May 16, down 14,900 mt from May 9, down 5,800 mt from May 13. Inventory of zinc inventory continued to decrease this week. In Shanghai market, the arrivals were low while the shipments recovered steadily. The downstream increased purchases stimulated by the low zinc prices. But it quires permit to pick up in the warehouses and the freight costs are high, the destocking was weak in Shanghai. In Tianjin market, most enterprises resumed production after the May Day holiday, and some enterprises operated at full capacity. The inventory in Tianjin reduced sharply with strong demand. In Guangdong market, the arrivals were stable and orders in most downstream enterprises rose with the fall of zinc prices. But most enterprises still have a bearish sentiment towards zinc prices with the lack of willingness to restock, resulting in the stable pace of shipments. Inventory in Guangdong reduced slightly. Inventories in Shanghai, Guangdong and Tianjin dropped 12,800 mt and inventories across seven major markets decreased 14,900 mt.