China’s aluminium billet inventories nosedive by 5,200 tonnes W-o-W to 106,400 tonnes
On Thursday, June 30, China's stockpile of aluminium billets closed at 106,400 tonnes, down by 5,200 tonnes W-o-W across three major consumption areas, from 111,600 tonnes on June 23. Since mid-June, there has been a decrease in the stockpile of aluminium billets, which slowed down quickly after the controversy of repeated promise. The onset of the seasonal low also made downstream demand much weaker. Future destocking of aluminium billet inventories is anticipated to be slower and might perhaps marginally increase.
The figure below provides further information on the current state of aluminium billet inventories in China:
As per the SMM data, aluminium billet inventories in Wuxi and Huzhou has increased by 4,400 tonnes and 1,000 tonnes to peg at 20,700 tonnes and 21,000 tonnes.
In Foshan the aluminium billet inventory has plunged the highest by 9,100 tonnes to settle at 51,100 tonnes from 60,200 tonnes. For the same day in Changzhou and Nanchang, the inventory has dropped by 1,400 tonnes and 100 tonnes to record at 10,800 tonnes and 2,800 tonnes.
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