The beginning of 2024 is witnessing growth in China’s aluminium billet inventories, reaching 82,000 tonnes. Until January 4, 2024, China’s social inventories of aluminium billets have encountered two back-to back hikes. The first increase this year was on January 2 by about 13,300 tonnes to 77,400 tonnes, followed by a rise of 4,600 tonnes on January 4 to 82,000 tonnes.
The chart below indicates the status of aluminium billet inventories across major provinces on December 29, January 2 and January 4.
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As the above chart shows China’s aluminium billet inventories on January 4 recorded a week-on-week rise of 17,900 tonnes, primarily driven by the hike in Huzhou and Foshan.
As per the data shown, aluminium billet inventories in Huzhou have surged by 9,000 tonnes W-o-W to stand at 23,000 tonnes, and the inventories in Foshan have climbed up 6,900 tonnes to settle at 37,500 tonnes. In Wuxi, aluminium billet inventories have built up 2,400 tonnes to come in at 10,900 tonnes.
In Changzhou, on the other hand, aluminium billet inventories remained almost restrained at 4,100 tonnes compared to 4,000 tonnes on December 28, while the inventories in Nanchang have dipped by 500 tonnes, reaching 6,500 tonnes.
China’s aluminium billet inventories had closed the year 2023 at a new low of 64,100 tonnes.
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