
Primary aluminium inventory in China continued to shrink over the weekend ended on July 30, 2018, as consumption was bolstered by exports despite a low season in the domestic market, Shanghai Metals Market research found. The inventory across eight major consumption areas, including SHFE warrants, decreased 15,000 tonnes from last Thursday, July 26, to stand at 1.78 million tonnes, SMM data showed. The slow commissioning of new capacity dragged by rebounding costs could also be attributed to this further decline in inventory.
In Wuxi and Jiangsu, the inventory today stood at 761,000 tonnes, while the inventory in Shanghai registered at 415,000 tonnes. In Nanhai and Guangdong, and Gongyi and Henan, the inventory recorded 229,000 tonnes and 162,000 tonnes, respectively.
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The average A00 aluminium ingot price continued to hike standing at RMB 14,260 per tonne as on July 30, against RMB 14,170 per tonne on July 27, amid heavy consumptions in the market. The average prices today are expected to range between RMB14240 per tonne and RMB 14280 per tonne, with spot discounts to settle at RMB 110 per tonne and RMB 70 per tonne.

In the east, the average ingot price rose to RMB 14295 per tonne from RMB 14210 per tonne, while in south and north, the prices grew from RMB 14350 per tonne to RMB 14460 per tonne and from RMB 14160 per tonnes to RMB 14280 per tonne, respectively.
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