Zinc Ingot Social Inventory Up 700 mt from this Monday

SHANGHAI, Mar 3 (SMM) - SMM data shows that the zinc ingot social inventories across seven major markets in China totalled 184,100 mt as of March 3, up 2,800 mt from the previous week and up 700 mt from this Monday (February 27).

In Shanghai, the market arrivals were basically unchanged, while the market transactions were brisk amid falling zinc prices earlier this week when some downstream buyers also picked up cargoes. Therefore, the inventory in Shanghai slipped. In Tianjin, the production of smelters were normal and the market arrivals were stable. But the high zinc prices discouraged downstream enterprises from purchasing, and the average operating rates in the downstream sector lowered due to environment protection-related production restriction amid the Two Sessions. As a result, the inventory in Tianjin gained sharply. In Guangdong, the market arrivals continued to be tight, down 3,000 mt on a weekly basis, and the outflows of warrants were also few. The inventory in Guangdong saw a limited decline with purchases on rigid demand.

Taken together, inventories in Shanghai, Guangdong and Tianjin rose 1,700 mt, and inventories across seven major markets in China added 700 mt.