Aluminium billet inventories in China drop by 7.65% W-o-W to 106,100 tonnes
On Thursday, September 22, SMM's stockpile of aluminium billets was 106,100 tonnes, down 8,800 tonnes from the previous week. Overall, the market mood remained relatively consistent this week despite slight fluctuations in aluminium prices and minor social inventory reduction due to pre-holiday restocking. In the penultimate trading week before the National Day break, when the downstream players are anticipated to continue the restocking activities, it is expected that the billet inventory will continue to decline a little.
The figure below provides further information on the current state of aluminium billet inventories in China:
The inventories in Wuxi, Changzhou and Nanchang grew by 300 tonnes, 500 tonnes and 200 tonnes, respectively. As of Thursday, the inventories for the same closed at 15,400 tonnes, 6300 tonnes and 4,900 tonnes.
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On the other hand, in Foshan, the stockpiles lost 7,800 tonnes or 10.64 per cent to close at 65,500 tonnes. Due to contracting imports from distant locations like Xinjiang, which have higher freight costs, the stockpile in Foshan went down. On the same day, the inventory in Huzhou declined by 2,000 tonnes W-o-W to peg at 14,000 tonnes.
LME aluminium price loses US$79/t this week to settle at US$2153/t; SHFE price trends down by US$48/t
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