Zinc Ingot Social Inventory Down 3,400 mt from this Monday

SHANGHAI, Dec 2 (SMM) - SMM data shows that zinc ingot social inventory across seven major markets in China totalled 51,100 mt as of December 2, down 3,400 mt from this Monday (November 28) and down 1,600 mt from a week earlier (November 25). In Shanghai, the arrivals in the market were still rather low, while the downstream enterprises were also unwilling to stock up after the zinc price rises advanced. The inventory in Shanghai dropped as supply was weaker than demand. In south China, the arrivals in the market were stable at a low level. There were unexpected outflows from the warehouses during the week, which might be used for the delivery of long-term orders. As a result, local inventory continued to drop. In Tianjin, the arrivals in the market were also low under the impact of the pandemic. Yet, the operating rates of downstream enterprises also shed due to pandemic and environmental protection restriction. Altogether, the inventory in Tianjin increased slightly. Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 3,800 mt, and that across seven major markets in China was down 3,400 mt.