Zinc social inventories shrank 12,200 mt over weekend

SHANGHAI, Apr 26 (SMM) – Zinc inventories in China fell over the weekend.

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 12,000 mt from last Friday April 23 to 189,800 mt as of Monday April 26. The stocks were down 27,900 mt from April 19.

Stocks in Shanghai decreased as improving downstream restocking demand at low prices lifted up the outbound quantity. In south China's Guangdong, smelters’ maintenance affected arrivals and downstream demand improved when zinc prices fell, which led to the continuous decrease in stocks. Stocks in Tianjin went down as the maintenance of smelters in Inner Mongolia affected arrivals and downstream restocking demand rose when zinc prices slid.

Compared to last Friday, social inventories of refined zinc across the three major trading hubs (Shanghai, Tianjin and Guangdong) decreased 10,500 mt.