21 FEBRUARY 2013Bloomberg
China Aluminum Stockpiles at Record High
Edited by : AL CIRCLE
1 min read
Aluminum inventories in China’s main trading regions are estimated to have climbed to a record as supply growth outpaces demand in the largest user and producer, adding to a global glut of the lightweight metal.
Reserves expanded to 1.119 million metric tons from 750,000 tons a year ago, according to a survey of warehouses in four cities by data provider SMM Information & Technology Co. Stockpiles in six hubs including Shanghai increased to 1.156 million tons, according to Li Xun, an analyst at Myyouse.com, researcher Mysteel.com’s sister website, citing their survey.
The estimates add to signs that surging supplies from new capacity in China’s northwest are not being absorbed, and may weigh on aluminum, which has declined 6.7 percent in London in the past year. Global production will outpace demand by 1.82 million tons this year from 1.49 million tons in 2012, Barclays Plc said on Feb. 15, advising investors to bet on lower prices of the metal used to make autos, appliances and packaging.
Reserves expanded to 1.119 million metric tons from 750,000 tons a year ago, according to a survey of warehouses in four cities by data provider SMM Information & Technology Co. Stockpiles in six hubs including Shanghai increased to 1.156 million tons, according to Li Xun, an analyst at Myyouse.com, researcher Mysteel.com’s sister website, citing their survey.
The estimates add to signs that surging supplies from new capacity in China’s northwest are not being absorbed, and may weigh on aluminum, which has declined 6.7 percent in London in the past year. Global production will outpace demand by 1.82 million tons this year from 1.49 million tons in 2012, Barclays Plc said on Feb. 15, advising investors to bet on lower prices of the metal used to make autos, appliances and packaging.
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