Inventories of Zinc Ingots across Seven Major Markets in China Decreased 12,900 mt from May 23

SHANGHAI, May 27 (SMM) - Total zinc ingots inventories across seven major markets in China stood at 251,000 mt as of Friday May 27, down 12,900 mt from May 23, down 14,800 mt from May 20. Inventory of zinc continued to decrease sharply this week. In Shanghai, after the pandemic prevention and control measures loosened, pace of downstream delivery-taking remained stable. Market inventory continued to reduce amid tight arrivals. In Tianjin, the pandemic prevention measures loosened in Dongli where delivery-taking was limited before. Therefore, the downstream orders which were made before offered pricing and delivered cargoes this week, leading to reduction in inventory. On the other hand, some of the early arbitrage traders still tended to export. Stocks were shipped for exports this week, driving down the inventory in Tianjin. In Guangdong, the downstream consumption was weak and the shipping cargoes did not increase. With stable arrivals, inventory in Guangdong remained flat this week. Inventories in Shanghai, Guangdong and Tianjin dropped 13,000 mt and inventories across seven major markets decreased 12,900 mt.