Zinc Ingot Social Inventory Down 800 mt from Monday

SHANGHAI, Dec 9 (SMM) - SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 53,700 mt as of this Friday (December 9), up 2,600 mt from the previous week and down 800 mt from this Monday (December 5). In Shanghai, the zinc ingots sent from the smelters did not arrive yet, while most arrivals of the zinc ingots transferred from Tianjin were shipped directly to the factory. On account of weak supply and demand, the local inventory changed little. In Tianjin, the demand for zinc ingots weakened as the orders received by galvanising enterprises were poor and most enterprises were preparing for holidays. When the spread between Tianjin and Shanghai expanded, some zinc ingots were shipped from Tianjin to Shanghai. Therefore, the inventory in Tianjin diminished in addition to low arrivals. In Guangdong, the arrivals in the market were low amid constantly falling premiums. Although the overall downstream consumption was sluggish, some enterprises still stocked up considering the approaching holiday, thus, the inventory in Guangdong was down slightly. Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 1,800 mt, and that across seven major markets in China shed 800 mt.