Social inventories of zinc ingots across seven major markets in China

SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 198,200 mt as of Thursday March 21, up 10,300 mt from March 14 but down 300 mt from March 18. The inventory in Shanghai increased significantly during the week. Warrants increased due to the delivery of the SHFE front-month contract. Imported cargoes continued to arrive during the week, and downstream purchased on demand. Inventories in Guangdong decreased. The transportation of cargoes applied to the "green channel" transportation policy reduced available transportation vehicles, and the shipments arrivals at the warehouse decreased. Meanwhile, the downstream buyers took deliveries. The inventory in Tianjin decreased slightly. The traders took more deliveries, and the arrivals of goods at the warehouses decreased. Meanwhile, after the end of environmentally-driven production restrictions, downstream operations have resumed. Transactions improved slightly during the week when prices were low, and overall inventory fell. Inventories in Shanghai, Guangdong and Tianjin rose 100 mt.