China's primary aluminium inventories mount to 901,000 tonnes during the Chinese New Year Holiday

According to the Shanghai Metals Market, social inventories of primary aluminium have expanded by 126,000 tonnes during the Chinese New Year Holiday ended on February 17, 2021. SMM data shows that as of Thursday, February 18, the inventories are standing at 901,000 tonnes across the eight major Chinese consumption areas, including SHFE warrants, in comparison with 775,000 tonnes on last Wednesday, February 10.

Last week, China’s primary aluminium inventories built up 61,000 tonnes week-on-week, primarily attributing to the increase of stocks in Wuxi, Hangzhou, and Gongyi.

The chart below indicates the current status of primary aluminium inventories across China in more details:

In Wuxi and Gongyi, primary aluminium inventories have surged by 42,000 tonnes to come in at 308,000 tonnes and 148,000 tonnes, respectively, on Thursday, February 18. In Nanhai, the stocks have climbed 30,000 tonnes to 206,000 tonnes, while that in Shanghai have increased by RMB 7,000 tonnes to peg at 81,000 tonnes.

In Hangzhou and Tianjin, primary aluminium inventories have grown relatively slower by 3,000 tonnes and 2,000 tonnes, respectively, to stand at 93,000 tonnes and 54,000 tonnes. Inventories in Linyi and Chongqing have, however, remained restrained at 9,000 tonnes and 2,000 tonnes, respectively.