Demand for refined zinc has continued to weaken in China and this is having repercussions on the fortunes of the country's smelters. Metal stocks were already high but have increased further despite a swathe of production cutbacks. One major local market player estimates that Chinese smelters are typically holding inventories equivalent to 2-3 months of their production. And this is despite having continued to deliver metal to warehouses. Inventories held in Nanhai and Shanghai are understood to have lifted by a total of 70,000t during the last month (the lion's share of this increase is in Shanghai).
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