On Thursday, September 8, China's aluminium billet inventories plunged by 2,100 tonnes W-o-W across four major consumption areas. All other regions showed a reduction in their inventories, except Foshan, which had a build-up. Due to rising aluminium prices, downstream purchasers stocked at reduced prices, which aided in the destocking process and Yunnan's power difficulties and the impending holiday.
The figure below provides further information on the current state of aluminium billet inventories in China:
The inventory in Foshan has hiked by 3,000 tonnes to close at 78,200 tonnes from 75,200 tonnes recorded last week. The inventory in Foshan increased due to significant arrivals and a minimal improvement in downstream demand.
As a result, the inventory in Wuxi dropped by 2,700 tonnes to 15,700 tonnes, while that in Huzhou fell by 2,000 tonnes to a record 14,000 tonnes. The inventory in Wuxi and Huzhou decreased due to the pre-holiday stockpiling.
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As per the data, the inventory in Nanchang and Changzhou descended by 300 tonnes and 100 tonnes to peg at 3,500 tonnes and 6,200 tonnes. Changzhou and Nanchang both saw a modest decline in inventories.
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