6063 aluminium billet inventories today mark the third week-on-week decline

According to Shanghai Metals Market, 6063 aluminium billet inventories across five major consumption areas in China has a dropped today, on March 28, marking a third week of decline. Upcoming value-added tax cuts drove downstream consumers to purchase aluminium billets, which in turn resulted in lowered inventories.

As of today, the inventories are found at 120,600 tonnes, after they dropped 17,000 tonnes from a week ago, showed the SMM data. Last week, on March 21, aluminium billet stocks had dropped 6,900 tonnes week-on-week and pegged at 137,000 tonnes. This concludes that today the billet stocks have registered a greater week-on-week decline compared with that on March 21.

The above chart indicates that in n Foshan, Guangdong, the stocks have dropped 7,700 tonnes over the week to stand at 84,600 tonnes while that in Wuxi, Jiangsu plunged 5,500 tonnes to 15,300 tonnes. In Changzhou, Jiangsu, and Nanchang, Jiangxi, the inventories have slipped 3000 tonnes and 2,800 tonnes to hover at 10,500 tonnes and 4,200 tonnes, respectively. In Huzhou, Zhejiang, however, the billet stocks have increased week-on-week today to 6000 tonnes.

However, despite the decline in billet stocks across all the major markets in China, aluminium alloy (ADC12) price has remained unchanged today at RMB 14,850 per tonne. The prices of aluminium alloy (A356) and aluminium alloy (A380) have neither recorded any change from RMB 14,600 per tonne and RMB 15,550 per tonne, respectively.