China’s aluminium billet inventories expand by 12,200 tonnes W-o-W to 107,600 tonnes
On Thursday, July 28, the aluminium billet inventory heightened by 12,200 tonnes from 95,400 tonnes recorded last week. The inventory as of Thursday, July 28, closed at 107,600 tonnes. As per the SMM data, the inventories in Foshan and Huzhou witnessed growth, whereas, on the other hand, inventories in Changzhou and Nanchang remained restrained.
The figure below provides further information on the current state of aluminium billet inventories in China:
The inventory in Foshan surged by 12,800 tonnes to rest at 66,000 tonnes, from 53,200 tonnes recorded last week. The same day, Huzhou recorded a W-o-W rise of 3,000 tonnes to settle at 19,000 tonnes. Due to the frequent arrival of cargos carried from Yunnan and the weak downstream demand, the stockpile in Foshan witnessed this increment.
As per the SMM data, the inventory in Wuxi dropped by 3,600 tonnes to halt at 14,800 tonnes. Due to upcoming cargo deliveries, the inventory in Wuxi decreased over the last week and may rise over the coming week.
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On the other hand, in Changzhou and Nanchang, the inventories showed no change to stand at 5,300 tonnes and 2,500 tonnes. Overall, with improving aluminium prices, the downstream is becoming more wait-and-see, and the inventory is unlikely to decrease in the foreseeable future.
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