Social Inventories of Zinc Ingots across Seven China Major Markets Grew in April

As of May 8, social inventories of zinc ingots across seven major markets (Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei) totalled 125,900 mt, down 26,000 mt from a month earlier.

The inventory in Shanghai was at a historically low level, falling below 30,000 mt. Arriving shipments increased but remained low at around 10,000 mt, and the growth was far less than the shipments of 15,000 mt leaving Shanghai warehouses. Additionally, plunging zinc prices and stockpiling ahead of Labour Day holidays also drove the inventory in Shanghai to continue to decline. In Guangdong, the inventory dropped from 21,200 mt at the end of March to 10,500 mt, down 10,700 mt.

The inventory decline in Guangdong was mainly due to maintenance of smelters in Yunnan and Hunan, keeping arriving shipments low. Increased dip buying of die-cast zinc alloy plants also lowered inventories. In Tianjin, the inventory dropped from 70,200 mt at the end of March to 66,900 mt, a small decline of 3,300 mt.

Continuous shipments arrivals from smelters, combined with some cargoes under warrants offered for sale, ensured ample supply in Tianjin. Downstream consumption was lacklustre as buyers purchased as required. These factors prevented inventories in Tianjin from falling noticeably.

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