SMM

According to the SMM survey, the total inventory of zinc ingots across seven locations reached 191,900 mt as of July 18, down 8,800 mt from July 11 and down 5,600 mt from July 15, showing a significant decreasing trend in domestic inventory. In Shanghai, inventories decreased significantly due to fewer warehouse arrivals during the week and dip buying by downstream producers as zinc prices fell, resulting in a large inventory decline. The inventories in the Guangdong also decreased, mainly due to more direct shipments from factories, impacting warehouse arrivals during the week, and dip buying by downstream producers, leading to an overall inventory decrease. The inventory in the Tianjin increased, mainly due to the arrival of Zijin zinc ingots in Tianjin warehouses, resulting in a significant inventory increase. Despite dip buying by downstream producers, the overall inventory still increased. Overall, the original three regions' inventory decreased by 4,700 mt, and the seven regions' inventory decreased by 5,600 mt.