As per Shanghai Metals Market, China’s social inventories of aluminium ingot kept shrinking week-on-week across the eight major consumption areas, including SHFE warrants, to halt at 657,000 tonnes as of Thursday, May 25. The aluminium inventories dropped 1,000 tonnes more than the previous week when it plunged by 48,000 tonnes.
Stocks showed a slower throughput causing variations in regional markets. South China saw stagnancy in cargo arrivals, but outflows increased. Smelters sent more shipments to East China to take advantage of higher prices. Spot premiums slowed down transactions and led to a gradual decline in local stocks.
Compared with last Monday, May 22, the aluminium social inventories witnessed a downward leap of 37,000 tonnes, but when matched with the same period one year ago, it fell by 273,000 tonnes.
Down under, you’ll find the original data chart showing inventory stocks:
All the primary provinces in China have reported drowning inventories today, with the highest fall in Nanhai, settling down at 152,000 tonnes, having lost 16,000 tonnes. In Wuxi, the inventories shed 11,000 tonnes, officially closing at 162,000 tonnes. The aluminium stock in Gongyi has negated 9,000 tonnes, while Shanghai shed 7,000 tonnes to close at 145,000 tonnes and 44,000 tonnes, respectively.
Other than that, the remaining provinces have had minor changes. Like in Tianjin, the aluminium inventory only dropped by 3,000 tonnes, arriving at 67,000 tonnes. Likewise, in Linyi and Hangzhou, the aluminium inventories lowered by 2,000 and 1,000 tonnes, respectively, stopping at 22,000 and 56,000 tonnes. Only in Chongqing has there been no alteration at all, with the aluminium inventory standing at 9,000 tonnes.