SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 81,500 mt as of Friday August 25, down 17,800 mt from Friday August 18 and down 12,300 mt from Monday August 21.
Dip buyers took deliveries this week. And the high premiums in north China drove cargo transfer from Shanghai and Guangdong, with large quantities of cargoes en-route. Some smelters in the north have resumed production, and railway transportation will gradually resume. These, combined with the opening of the import window, will result in stock accumulation in the near term. Inventory in Shanghai, Guangdong and Tianjin fell by a combined 13,700 mt.
