Social Inventories Of Zinc Ingots Across Seven Major Markets In China Declined

SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 74,300 mt as of Friday December 22, down 1,300 mt from December 18 and down 2,800 mt from December 15. Inventories in Shanghai decreased. A large amount of imported spot cargoes directly went to downstream producers during the week; the arrivals of domestic brands were normal. Traders made deliveries under longterm contracts, and downstream took deliveries normally. In Guangdong, due to the long-term contracts issues, the shipments arrivals from smelters were still low. In Tianjin, although the transportation efficiency has slowed down due to the heavy snowfall in the north, there were still shipments arrivals, growing inventories slightly in Tianjin. Inventory in Shanghai, Guangdong and Tianjin decreased by a combined 2,500 mt.