SHANGHAI, Mar 31 (SMM) - SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 151,900 mt as of today March 31, down 3,500 mt from a week earlier and 500 mt lower than this Monday (March 27).
In Shanghai, the smelters basically shipped cargoes directly to downstream enterprises or to other markets, leading to low arrivals in Shanghai market. Meanwhile, downstream purchases were mainly made based on rigid demand constrained by high zinc prices. As a result, the inventory in Shanghai sank slightly.
In Guangdong, the market arrivals declined on the week amid poor premiums. Downstream buyers were not keen on restocking when new orders were limited, thus the inventory in Guangdong was basically unchanged.
In Tianjin, the trading was quiet, and rising ferrous metal prices further suppressed downstream enterprises' purchasing willingness. As such, the inventory in Tianjin gained slightly.
Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 1,100 mt, and that across seven major markets in China was down 500 mt.
