SMM Update on Zinc Ingot Social Inventory as of Feb 27

SHANGHAI, Feb 27 (SMM) -  SMM data shows that the zinc ingot social inventories across seven major markets in China totalled 183,400 mt as of February 27, up 1,900 mt from the previous week and up 2,100 mt from last Friday (February 24).

In Shanghai, the market arrivals were stable, while few buyers picked up cargoes during the weekend due to declining trading activities. Therefore, the inventory in Shanghai gained slightly. In Tianjin, the arrivals were at normal levels, while downstream enterprises prioritised digesting stocks due to high zinc prices, leading to an accumulation in local inventory. In Guangdong, the market arrivals during the weekend were only about 1,000 mt because some smelters shipped the cargoes directly to the downstream enterprises. As a result, the inventory in Guangdong decreased when some downstream buyers picked up cargoes on rigid demand.

Taken together, inventories in Shanghai, Guangdong and Tianjin rose 2,000 mt, and inventories across seven major markets in China added 2,100 mt.