Zinc Ingot Social Inventory down 1,600 mt from Monday

SHANGHAI, Sep 2 (SMM) - According to SMM data, the zinc ingot inventories across seven major markets in China totalled 121,700 mt as of September 2, down 1,600 mt from Monday and 1,800 mt from the previous week. In the Shanghai market, the arrivals were low as some smelters in Shaanxi was under the impact of pandemic. Moreover, most arrivals of brands such as Qilin went directly to downstream enterprises. Therefore, the inflow of stocks to the warehouse was limited and the inventory in Shanghai slightly dropped among dip purchasing. The outflow of warrants from the Guangdong market shrank this week, but the arrivals were small as some of Qilin zinc was shipped to Shanghai. Overall, the inventory in Guangdong continued to decline with stable rigid demand. The inventory in Tianjin added slightly as smelters gradually resumed the normal production with increased zinc ingot inflows from Guandong while the purchase demand was weak. Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 1,200 mt, and that across seven major markets in China sank 1,600 mt from Monday.