SMM Update on Zinc Ingot Social Inventory as of Mar 10

SHANGHAI, Mar 10 (SMM) - SMM data shows that the zinc ingot social inventories across seven major markets in China totalled 182,700 mt as of March 10, down 1,400 mt from the previous week and down 2,200 mt from March 6.

In Shanghai, the outflows from warehouses were average as downstream purchases did not improve amid swinging zinc prices. But the market arrivals rose in the second half of the week, thus the inventory in Shanghai inched higer. In Guangdong, the market arrivals posted a sharp increase on the week of 2,400 mt. Meanwhile, downstream buyers also purchased actively on dips with growing orders. Altogether, the inventory in Guangdong dropped. In Tianjin, downstream demand expanded significantly as enterprises resumed operations intensively with the end of the "Two Sessions", but the arrivals declined in contrast. The inventory in Guangdong thus saw a decline.

Taken together, inventories in Shanghai, Guangdong and Tianjin fell 2,000 mt, and inventories across seven major markets in China dipped 2,200 mt.