SHANGHAI, Apr 21(SMM) - SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 136,700 mt as of April 21, down 6,000 mt from Monday, April 17 and 5,000 mt lower compared with the prior week.
In Shanghai, the market arrivals were scarce as buyers mainly picked up cargoes at smelters, in addition to on-dip purchases before the Workers' Day holiday. As a result, the inventory in Shanghai dropped sharply.
In Guangdong, the inventory dipped amid normal arrivals as downstream buyers were motivated by low zinc prices to restock.
In Tianjin, despite the concentrated arrivals of zinc ingots, the galvanising plants maintained low operating rates and only purchased on dips. Therefore, local inventory dwindled slightly.
Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 4,200 mt, and that across seven major markets in China was down by 6,000 mt.
