SHANGHAI, Feb 17 (SMM) - SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 184,500 mt as of this Friday February 17, down 1,000 mt from a week earlier and 3,300 mt lower than this Monday.
In Shanghai, the market arrivals were still low while the shipments from the warehouses were stable, thus the inventory in Shanghai dropped.
In Tianjin, galvanising enterprises maintained high operating rates and thus were enthusiastic about restocking on dips. Therefore, the inventory in Tianjin extended the decline on limited arrivals.
In Guangdong, the market arrivals during the week was down by one third from a week earlier, while the purchasing passion stimulated by falling zinc prices resulted in growing cargo pick-ups. The inventory in Guangdong thus trended lower.
Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 5,100 mt, and that across seven major markets in China was down 3,300 mt.
