China’s aluminium billet inventory plunges by 8.02% W-o-W to 146,400 tonnes
On Thursday, April 14, China’s aluminium billet inventory declined by 8.02 percent W-o-W to halt at 146,400 tonnes. The epidemic significantly impacted both freight inflows and outflows, therefore inventories in east China did not alter substantially. The adjustments in east China's inventory will be determined by how the epidemic develops.
The chart below indicates the current status of aluminium billet inventories across China in more detail:
In Foshan the inventory had fallen by 18,300 tonnes to peg at 63,400 tonnes. Next week, inventories in Foshan may continue to shrink. As per the SMM data, inventory in Wuxi had gone up by 710 tonnes to settle at 39,500 tonnes.
Due to weak downstream consumption, stockpiles in Nanchang continued to rise. In Nanchang also the price had climbed up by 4,420 tonnes to stand at 15,000 tonnes. In Changzhou and Huzhou the price had witnessed downfall by 3,000 tonnes to stop at 14,500 tonnes and 14,000 tonnes.
Hindalco further trims its aluminium products prices by INR1250/t with effect from April 14
Next articleDownstream weekly recap: Chinese billionaire Liu Zhongtian penalized for aluminium scam of $1.8 billion dollars; ELVAL accepts a €75 million from the EIB to be paid in 10 years
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