China’s aluminium billet inventories plunge by 7,300 tonnes W-o-W to 111,600 tonnes
On Thursday, June 23, China’s aluminium billet inventories nosedived by 7,300 tonnes across three major consumption areas W-o-W to halt at 111,600 tonnes, from 118,900 tonnes a week before. Due to risk aversion following the recent aluminium ingot collateral controversy, certain billets were moved to different warehouses. The destocking process was sped up by an upstream restocking surge following a decline in aluminium prices. The stockpile of aluminium billets is anticipated to continue its decreasing trend throughout the next week.
The figure below provides further information on the current state of aluminium billet inventories in China:
The inventory in Foshan plunged by 6,700 tonnes to score at 60,200 tonnes from 66,900 tonnes a week ago. In Nanchang, the inventory slipped by 1,300 tonnes to halt at 2,900 tonnes from 4,200 tonnes. As of June 23, the inventory in Changzhou also slumped by 500 tonnes to settle at 12,200 tonnes from 12,700 tonnes recorded last Thursday.
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On the other hand, in Wuxi, the inventory moved up by 1,200 tonnes to stop at 16,300 tonnes. In Huzhou, the inventory remained unchanged at 20,000 tonnes on Thursday, June 24.
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