Zinc Ingot Social Inventory down 3,600 mt from Monday

SHANGHAI, Sep 23 (SMM) - According to SMM statistics, the total zinc ingot inventory across seven major markets in China stood at 92,700 mt as of September 23, down 6,600 mt from a week ago and 3,600 mt from Monday. In the Shanghai market, the Qinlin zinc, which were directly sent by the smelters to the warehouse in Shanghai, have not arrived yet. While the sharply falling premiums still promoted moderate transactions in the market, the inventory in Shanghai fell slightly. It is expected that the inventory in Shanghai will inch higher slightly after Qinlin zinc arrive in the future. In the Guangdong market, the spot supply was relatively abundant with the outflow of warrants. Some traders sold off the zinc ingots on hands, and the downstream buyers purchased on dips out of stocking demand before the National Day holiday. Therefore, the inventory in Guangdong declined slightly. In Tianjin, the arrivals of Hongye zinc increased slightly thanks to the relief of the pandemic, but the overall arrivals were still low. Meanwhile, downstream enterprises received continuous shipments directly from the smelters, which replenished their stocks and led to sluggish transactions in the spot market. As a result, the inventory in Tianjin added slightly. Overall, inventories in Shanghai, Guangdong and Tianjin fell 3,200 mt, and those across seven major markets in China dipped 3,600 mt.