On May 19, China’s domestic aluminium billet inventory slumped by 2,300 tonnes or 1.66 percent W-o-W to score at 136,400 tonnes. Following the drop in aluminium prices and conversion margins, downstream purchasers were more eager to enter the market. SMM will be watching to see if consumption recovers enough to keep the recent destocking trend going.
The figure below provides further information on the current state of aluminium billet inventories in China:
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The inventory in Foshan had declined by 3,400 tonnes to settle at 76,600 tonnes, followed by a slump of 1,300 tonnes at Wuxi to peg at 18,000 tonnes. In Changzhou, the inventory had hiked by 1,400 tonnes to close at 18,000 tonnes.
For the same day in Nanchang, the inventory had surged by 1,000 tonnes to record at 14,000 tonnes. However in Nanchang, the inventory had shown no change to stop at 9,800 tonnes.
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