SHANGHAI, Sep 30 (SMM) – Zinc inventories in China fell sharply this week, primarily propelled by a sharp decrease in Tianjin and Shanghai.
SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased further by 13,900 mt in the week ended September 30 to 129,500 mt, after a sharp decrease of 17,400 mt in the previous week. Zinc ingot stocks fell 11,100 mt from September 28.
In east China's Shanghai, limited inflow of imported zinc and downstream restocking at low prices depleted local inventories. In south China's Guangdong, the demand for downstream users restocking at low prices improved before the National Day holidays, leading to the continuous drop in local zinc inventories.
Zinc inventories in north China's Tianjin has declined sharply, as the tradable cargoes supply in the market were tight with the demand for downstream pre-holiday restocking.
Stocks across the three major trading hubs (Shanghai, Tianjin and Guangdong) fell 12,200 mt this week, after a 14,200 mt decrease last week.
