China’s aluminium ingot inventory slumps 9.44% W-o-W due to heightened consumption, June 1

China’s aluminium ingot inventories descended week-on-week across the eight central consumption zones, including SHFE warrants, to halt at 595,000 tonnes as of Thursday, June 1, marked Shanghai Metals Market in the weekly aluminium inventory chart. The aluminium inventories tumbled 62,000 tonnes this week, declining 13,000 tonnes more from last week.

Due to a decrease in cargo arrivals and an increase in consumption, south China led a destocking trend. In Wuxi, arrivals decreased by 20-30 per cent, causing local stocks to decline rapidly, while, in Gongyi, limited arrivals and improved consumption resulted in a decline in stocks after an increase the previous week.

When tallied with last Monday, May 29, the aluminium social inventories witnessed a drop of 26,000 tonnes, but when compared with the same period one year ago, it fell by 287,000 tonnes.

Below you’ll find the SMM aluminium ingot inventory chart depicted in a simple form:

Most of the provinces in China witnessed downward inventory traits, with only Chongqing gaining 1,000 tonnes to rest at 10,000 tonnes. Other than that, Nanhai had the biggest fall of 25,000 tonnes, closing at 127,000 tonnes, whereas Wuxi and Gongyi both faced a 15,000 tonnes loss, settling down at 147,000 tonnes and 130,000 tonnes.

In Shanghai and Tianjin, the aluminium ingot inventories fell by 3,000 tonnes, officially stopping at 41,000 tonnes and 64,000 tonnes. The aluminium ingot inventory in Linyi dipped by 1,000 tonnes, parking at 21,000 tonnes, and lastly, in Hangzhou, it stood at 56,000 tonnes with no notable change at all.