Aluminium billet inventories in China decline for the second straight week
As updated by Shanghai Metals Market, Inventories of aluminium billet continued to decline on the back of decent consumption. Stocks of 6063 aluminium billet across five major consumption areas in China declined 11,100 tonnes from October 17 to stand at 118,100 tonnes as of Thursday October 24, after a drop of 7,600 tonnes in the previous week.
Inventories of aluminium billet in Foshan, Guangdong and Wuxi, Jiangsu stood at 64,000 tonnes and 18,900 tonnes as of Thursday, down 9,200 tonnes and 300 tonnes from 73,200 tonnes and 19,200 on October 17. Stocks in Changzhou, Jiangsu increased 300 tonnes to stand 16,000 tonnes.
Aluminium billet stocks in Huzhou, Zhejiang and Nanchang, Jiangxi declined 1,000 tonnes each from October 17 to 10,000 tonnes and 9,200 tonnes.
The price of aluminium alloy (A356) stood at RMB 14,650 per tonne on Thursday, up by RMB 50 per tonne to RMB 14,600 per tonne. The price is expected to move within a range of RMB 14,600-14,700 per tonne. Aluminium alloy (ADC12) remained unchanged at RMB 14,150 per tonne.
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