China’s aluminium ingot inventory dives down 29,000 tonnes W-o-W notably lower than the same time last year

According to the Shanghai Metals Market, primary aluminium inventories in China witnessed a slump of 29,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, November 17, the inventories totalled 547,000 tonnes, which in comparison with the month’s second Monday, November 14, dropped further by 6,000 tonnes. As of now, the inventories in November dropped by 491,000 tonnes, as recorded in the same period last year and 65,000 tonnes on a month-on-month scale.

The aluminium inventory is continuously maintaining an all-time low in the year 2022, with the inventories declining for four consecutive weeks. Moreover, this is significantly lower than the same period last year. The inventory in Gongyi descended big time, but the downstream situation might be reversed in the upcoming days owing to the scheduled follow-up arrivals. On the other hand, in Foshan, the local billet and aluminium inventory both started to soar higher as the upstream enterprises began their usual deliveries. It has been inferred that the aluminium ingot social inventory will retain its slow and staggering growth.

Last week, on November 10, primary aluminium inventories stood at 576,000 tonnes, which plunged across eight major consumption areas to come in at 547,000 tonnes on November 17, Thursday, recording a week-on-week decrease.

The chart below indicates the current status of primary aluminium inventories across China in more detail:

Among provinces with downfalling aluminium inventories in China are Wuxi, Gongyi and Shanghai. The first had the highest decrease of 28,000 tonnes, with the inventory closing at 142,000 tonnes. In the second location, the inventory dropped down by 14,000 tonnes to 61,000 tonnes, and in the third-mentioned place, aluminium inventories had an estimated 1,000 tonnes loss standing at 41,000 tonnes.

In Nanhai, the aluminium ingot inventory rose to 132,000 tonnes with an addition of 11,000 tonnes. The inventory in Hangzhou gained 2,000 tonnes, stopping at 73,000 tonnes, while the Tianjin inventory saw a rise of 1,000 tonnes to 75,000 tonnes. Only in Chongqing and Linyi, there was no alteration, and aluminium inventories stood at 5,000 tonnes and 18,000 tonnes, respectively, as of November 17.