According to Mysteel’s survey on Thursday, China’s zinc ingots social inventory of six districts was 50,200 tonnes, with a decrease of 2,100 tonnes over Monday and an increase of 1,300 tonnes over last Thursday.
| China Zinc Ingots Social Inventory in Major Markets (kt) | |||||
| District | 2022/11/17 | 2022/11/14 | Change 17 vs.14 |
2022/11/10 | Change 17 vs.10 |
| Shanghai | 18.0 | 17.5 | 0.5 | 15.3 | 2.7 |
| Guangdong | 5.2 | 6.2 | -1.0 | 4.9 | 0.3 |
| Tianjin | 19.7 | 20.3 | -0.6 | 20.2 | -0.5 |
| Shandong | 2.8 | 2.8 | 0.0 | 3.1 | -0.3 |
| Zhejiang | 2.5 | 3.9 | -1.4 | 3.5 | -1.0 |
| Jiangsu | 2.0 | 1.6 | 0.4 | 1.9 | 0.1 |
| Total | 50.2 | 52.3 | -2.1 | 48.9 | 1.3 |
| Data Source: Mysteel | |||||
Though inventory in Shanghai and Jiangsu increased, the overall inventory of six districts decreased, mainly from Guangdong and Tianjin. The number of goods arriving in Shanghai was stable, and most traders expected that premiums would fall, so their purchase intention was low, which led to a low turnover of zinc ingots in Shanghai and a small increase in the inventory. There were few orders from downstream enterprises with weak consumption in Jiangsu, so the inventory has also increased slightly.
The arrival of goods in Guangdong was affected by the epidemic controls. In addition, zinc prices fell on Thursday, and traders in the market had the intention to increase premiums. As a result, downstream enterprises replenished their inventory, and inventory in Guangdong declined. Some refineries in Tianjin directly delivered zinc ingots to end-users. Coupled with the reduction of goods arriving in other regions affected by the epidemic controls, so the inventory decreased.
Post time: Nov-18-2022