
According to Shanghai Metals Market, social inventories of primary aluminium across eight major consumption areas in China, including SHFE warrants, dropped over the weekend ended on April 15, Monday, to come in at 1.622 million tonnes.
Compared to last Thursday, April 11, the fall of primary aluminium inventories on Monday was higher, as the stocks last week had plunged by some 5,000 tonnes while today by some 14,000 tonnes.
{alcircleadd}In some cities, the inventories dropped while in others they recorded a hike or continued to remain the same. For instance, in Wuxi, Jiangsu, the inventories plunged from 586,000 tonnes on April 11, to 582,000 tonnes, but in Shanghai, the stocks rose from 290,000 tonnes to 292,000 tonnes.
The below chart indicates the status of the current primary aluminium inventories across China in more details:

Despite the plunge in social inventories of primary aluminium, the A00 aluminium ingot price has recorded two back-to-back downfalls. Yesterday, the price had dropped by RMB 10 per tonne from RMB 13,830 per tonne to RMB 13,820 per tonne, and this continues even today, on April 16, by another RMB 10 per tonne to stand at RMB 13,810 per tonne. The average prices are expected to range between RMB 13,790 per tonne and RMB 13,830 per tonne, with spot discount to settle at RMB 50 per tonne to RMB 10 per tonne.

Except in the south market, the A00 aluminium ingot price has plunged today in other major areas. In the south, the price has recorded a rise by RMB 10 per tonne to stand at RMB 13,840 per tonne, while in the east (Wuxi, Hangzhou) the ingot price has dropped by RMB 25 per tonne and RMB 15 per tonne to RMB 13,830 per tonne and RMB 13,845 per tonne, respectively. In the north, on the other hand, the ingot price has registered a fall by RMB 10 per tonne to clock at RMB 13,840 per tonne.
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