Aluminium billet inventories in China hikes by 5,700 tonnes to peg at 80,300 tonnes
According to the Shanghai Metals Market, aluminium billet inventories in China surges by 5,700 tonnes week-on-week across five major consumption areas. As a result, the inventories closed at 80,300 tonnes, as of Thursday, December 30.
Except for Nanchang, inventories climbed in four main markets this week. Huzhou's inventory increased by 3,000 per tonne, or 27.27%, while Foshan's increased by 2,900 per tonne, or 8.31%, accounting for the majority of the weekly increases. By the end of the year, the aluminium billet market had become quiet as most firms were preoccupied with controlling cash flow. As a result, orders were cut and the market remained calm.
With the forthcoming New Year's Day vacation, the downstream market is expected to be sluggish in demand next week. The weekly inventory of aluminium billet is likely to continue to climb.
The chart below indicates the current status of aluminium billet inventories across China in more detail:
In Nanchang aluminium inventories dropped by 1,500 tonnes this week to peg at 5,500 tonnes.
On the other hand in Foshan the inventories increased by 2,900 tonnes this week to register at 37,800 tonnes.
In Wuxi, the inventories hiked by 900 tonnes this week to stand at 19,700 tonnes. In Changzhou, the inventories surged by 400 tonnes to total at 9,300 tonnes.
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