China’s aluminium billet inventories plunge by 4.67% W-o-W due to COVID-19 pandemic
On Thursday, March 31, China’s aluminium billet inventory had plunged by 7,900 tonnes or 4.67 per cent W-o-W across five major regions to total at 157,500 tonnes, found the Shanghai Metals Market. Under the effect of the pandemic, trades in the spot aluminium billet market were slow. The inventory of aluminium billets may stop declining next week, depending on the severity and long-term viability of pandemic control efforts.
The chart below indicates the current status of aluminium billet inventories across China in more detail:
In Foshan, the inventory had stood unchanged at 76,200 tonnes. On the same day in Wuxi, the price had declined by 11,100 tonnes to total at 39,400 tonnes. In Changzhou, the price had gone down by 3,100 to record at 22,200 tonnes.
Buyers picked up cargoes from Changzhou, where the pandemic was less severe, due to transportation constraints caused by the epidemic in Wuxi, resulting in a dramatic drop in local inventories. The inventory drop slowed dramatically as a result of the pandemic's influence on downstream consumption and transportation.
In Huzhou also the price had descended by 2,000 tonnes to settle at 13,000 tonnes. In Nanchang, the price had climbed down by 380 tonnes to total at 6,700 tonnes.
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