Aluminium billet inventories in China nosedive by 21,100 tonnes W-o-W to 118,900 tonnes
On Thursday, June 16, China’s aluminium billet inventories nosedived by 21,100 tonnes to settle at 118,900 tonnes W-o-W across five major consumption areas. The social inventory, on the other hand, was dragged down by strong replenishing demand with lowering aluminium prices. In Wuxi, Changzhou, and Huzhou, the downstream purchased on-demand, are resulting in destocking. Apart from improving demand, the market will be watching the effects of the aluminium promise controversy.
Inventory levels in Foshan plunged the highest by 13,300 tonnes to close at 66,900 tonnes, from 80,200 tonnes a week ago. In Changzhou and Huzhou, a drop of 1000 was recorded to settle at 12,700 tonnes and 20,000 tonnes, respectively.
On a W-o-W calculation, a drop of 5,000 tonnes was witnessed in Nanchang, to halt at 4,200 tonnes. As per the SMM data, in Wuxi, the inventory contracted by 800 tonnes to score at 15,100 tonnes.
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