The total SMM zinc ingot inventory in China's seven major regions increased amid high market prices and weak downstream demand

According to the SMM survey, as of July 4, the total SMM zinc ingot inventory in China's seven major regions was 198,300 mt, an increase of 3,700 mt compared to June 27 and an increase of 400 mt compared to July 1. Inventories in Shanghai and Tianjin recorded a decrease, mainly due to fewer arrivals during the week and downstream cargo pick-up as needed. Inventory in Guangdong slightly increased, with normal arrivals during the week; however, high market prices and weak downstream demand during the off-season led to a slight overall inventory increase.