Zinc Social Inventories Up 4,300 mt On Week

SHANGHAI, Jan 4 (SMM) - Total zinc inventory across seven Chinese markets stood at 131,000 mt as of January 4, up 10,900 mt from December 31 and 4,300 mt from December 27.

Domestic inventory rose sharply during the New Year's Day holiday. The inventory in Shanghai increased as the sources of goods in transit have gradually arrived. Guangdong saw an increase in the stocks as the arrivals of goods rose sharply and downstream restocking demand was muted. The arrivals of goods in Tianjin declined as some smelters reduced the shipments on rising spot discounts, coupled with weak demand from downstream producers, resulting in an increase of stocks. Inventories in Shanghai, Guangdong and Tianjin rose 11,700 mt, and inventories across seven Chinese markets increased 10,900 mt.