Aluminium billet inventories in China decline 28,700 tonnes W-o-W on enthusiastic purchase even amid price hike

According to the Shanghai Metals Market, 6063 aluminium billet inventories in China have decreased by 28,700 tonnes week-on-week across the five major consumption areas as of Thursday, April 29. SMM data shows the billet stocks have totalled 134,000 tonnes today compared to 162,800 tonnes last Thursday, April 22.

The downfall in billet inventories could be attributed to the increase in purchase volume even amid the primary aluminium ingot price hike to a new high of RMB 18,730 per tonne on April 29.

The chart below indicates the current status of aluminium billet inventories across China in more details:

In Foshan, aluminium billet inventories have plunged the highest by 16,100 tonnes to 69,000 tonnes on April 29, while the inventories in Wuxi have decreased by 4,930 tonnes to come in at 33,340 tonnes.

Changzhou and Huzhou have witnessed a decline in aluminium billet inventories by 3,000 tonnes to 13,400 tonnes and 8,000 tonnes, respectively. In Nanchang, inventories have inched down by 1,700 tonnes to settle at 10,300 tonnes this week, found SMM.