China’s aluminium billet inventory plunges by 3,000 tonnes W-o-W to close at 127,100 tonnes
China’s aluminium billet inventory has plunged by 3,000 tonnes W-o-W to settle at 127,100 tonnes. Yesterday, downstream purchases were bolstered by the sharp fall in aluminium prices and the forthcoming Dragon Boat Festival. Overall, downstream consumption has rebounded, and the market is confident that it will continue to improve. The short-term destocking trend in the aluminium billet market is projected to continue.
The figure below provides further information on the current state of aluminium billet inventories in China:
In Foshan the inventory has increased by 800 tonnes to come in at 75,400 tonnes. For the same day, the inventory in Wuxi has declined by 2800 tonnes to score at 15,600 tonnes. The epidemic in east China has been mostly contained, resulting in a significant reduction in inventories in Wuxi and Changzhou.
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In Changzhou the inventory has also slumped by 2,900 tonnes to peg at 13,400 tonnes. However, in Huzhou the inventory has hiked by 1,000 tonnes to score at 15,000 tonnes, and in Nanchang the inventory has ascended by 900 tonnes to record at 7,700 tonnes.
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