Delayed arrivals coupled with increased procurement led to a slight increase in social inventory this week [SMM Weekly Review of Spot Zinc Ingot Inventory]

SMM News on August 1:

According to SMM's communication and understanding, as of Monday this week (July 31), the total zinc ingot inventory across seven locations tracked by SMM was 103,200 mt, an increase of 4,900 mt from July 24 and a decrease of 500 mt from July 28, indicating a slight decline in domestic inventory. During the week, in Shanghai and Guangdong, due to normal arrivals but fewer cargo pick-ups by downstream enterprises, inventory increased. However, in Tianjin, cargo pick-ups by downstream enterprises increased slightly during the week, with a slight delay in arrivals, leading to a significant decline in inventory. In Zhejiang, arrivals during the weekend were partially digested, also resulting in a decline in inventory. Overall, inventory in the original three locations increased by 200 mt, while inventory across seven locations decreased by 500 mt.