Downstream procurement enthusiasm is insufficient, and domestic inventory continues to increase [SMM Weekly Review of Spot Zinc Ingot Inventory]

SMM News on August 8:

       According to SMM's communication and understanding, as of Thursday this week (August 7), the total zinc ingot inventory across seven locations tracked by SMM was 113,200 mt, an increase of 10,000 mt from July 31 and an increase of 5,900 mt from August 4, indicating a rise in domestic inventory. During the week, arrivals in Shanghai and Guangdong were normal, but downstream procurement enthusiasm was insufficient, leading to fewer cargo pick-ups and a significant increase in inventory. In Tianjin, the pace of arrivals slowed down, and combined with downstream buyers picking up a small amount of cargo at low prices, Tianjin's inventory saw a slight decrease. Additionally, arrivals in Zhejiang also increased during the week, with an increase of 2,000 mt compared to Monday this week. Multiple factors jointly drove inventory to continue rising. Overall, inventory in the original three locations increased by 4,100 mt, and inventory across seven locations increased by 5,900 mt.