Downstream Restocks on Dips, Zinc Ingot Inventory Declines [SMM Weekly Review on Zinc Ingot Social Inventory]

SMM, January 16: According to SMM communication, as of this Thursday (January 16), the total zinc ingot inventory across seven regions monitored by SMM stood at 58,800 mt, up 800 mt from January 9 but down 2,200 mt from January 13, with domestic inventory recording a decline. Inventories in Shanghai and Tianjin decreased as warehouse arrivals in these regions showed no improvement during the week. Coupled with a continuous drop in zinc prices, downstream enterprises picked up goods more actively at lower price points, leading to an overall inventory decline. In Guangdong, inventory increased as warehouse arrivals were normal during the week; however, downstream enterprises gradually began their holiday break, reducing purchases of zinc ingots, resulting in a WoW inventory increase. Overall, inventories in the original three regions decreased by 2,200 mt, while the seven-region inventory also decreased by 2,200 mt.