According to the Shanghai Metals Market survey, China’s social inventories of aluminium ingot have continued destocking over the weekend ending March 27, 2023. Data shows the inventories have decreased by 18,000 tonnes from Thursday, March 23, to total 1.11 million tonnes but stand 55,000 tonnes higher than the same period last year.
High aluminium prices suppressed trades in the second half of last week, while traders were cautious about buying after the delivery of long-term orders, resulting in weekly shipments falling to 150,000 tonnes last week.
To know the current status of primary aluminium inventories across China, refer to the chart below:
In Nanhai, primary aluminium inventories have slumped by 9,000 tonnes over the weekend, totalling 248,000 tonnes as of March 27 versus 257,000 tonnes on March 23. In Wuxi, the inventories have shrunk by 7,000 tonnes to 417,000 tonnes, followed by the decrease of 2,000 tonnes in Hangzhou and 1,000 tonnes in Gongyi to 68,000 tonnes and 208,000 tonnes, respectively.
However, in Tianjin, Chongqing, and Linyi, primary aluminium inventories have remained restrained at 74,000 tonnes, 12,000 tonnes, and 29,000 tonnes, respectively, found the Shanghai Metals Market data.
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