Zinc Ingot Social Inventory across Seven Major Markets in China Increased 3,100 mt from Tuesday

SHANGHAI, Sep 16 (SMM) - According to SMM data, zinc ingot inventories across seven Chinese markets totalled 101,300 mt as of September 16, up 4,500 mt from last Friday (Sep 9) and 3,100 mt from this Tuesday (Sep 13). In the Shanghai market, a large number of Qilin zinc previously shipped from Guangdong arrived in Shanghai this week, and some cargoes under long-term orders headed for Ningbo were also transferred to Shanghai. As a result, the inventory in Shanghai increased significantly during the week. At the same time, trades in Shanghai continued to dip amid high premiums and high zinc prices. Generally, the downstream rigid demand across the country was limited, thus the arrivals of zinc ingots in different markets were stored in the social inventory. Therefore, the inventory in Guangdong fell slightly as fewer local stocks were transferred to other markets. In Tianjin, the pandemic outbreak in Inner Mongolia blocked the transportation of zinc brands such as Bailing and Hongye. Meanwhile, most downstream enterprises restocked on dips after the Mid-Autumn Festival, which led to a decline in the inventory of Tianjin. Overall, Inventories in Shanghai, Guangdong and Tianjin rose 4,700 mt, and inventories across seven Chinese markets increased 3,100 mt.