According to the Shanghai Metals Market (SMM), aluminium billet inventories in China dropped by 18,100 tonnes week-on-week across five major consumption areas. As a result, the inventories totalled at 163,100 tonnes on Thursday, October 28.
The major reason behind the decrease in aluminium billet inventories this week was primarily due to stock decline in Foshan and Nanchang. According to SMM, the inventory of aluminium billet descended because this week, there were fewer arrivals of aluminium billet in Foshan, but exports increased as downstream demand increased due to falling aluminium prices and increased demand from conversion plants after Guangdong's power limitation was lifted.
{alcircleadd}The chart below indicates the current status of aluminium billet inventories across China in more detail:
In Foshan, aluminium billet inventories decreased by 14,100 tonnes this week to total at 81,600 tonnes. In Nanchang, inventories decreased by 4,000 tonnes to record at 21,000 tonnes. In Changzhou, inventories also moved down by 1,700 to stand at 17,000 tonnes. On the other hand, stocks in Wuxi ascended by 1,730 tonnes to close at 29,500 tonnes.
Meanwhile in Huzhou, aluminium billet inventories remained unchanged and settled at 14,000 tonnes as of October 28.
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