China’s primary aluminium ingot inventories on W-o-W decline to 751,000 tonnes on June 23

According to the Shanghai Metals Market, primary aluminium inventories in China witnessed a steep downfall of 34,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, as of Thursday, June 23, the inventories totalled 751,000 tonnes, which in comparison with the previous week’s Monday, June 13, shrunk by an exponential 74,000 tonnes. As of now, the inventories in June has stooped 172,000 tonnes from the end of May and 124,000 tonnes lower than in the same period last year.

Last week, on June 16, primary aluminium inventories fell by 68,000 tonnes from the week before across eight major consumption areas to come in at 785,000 tonnes. In Wuxi and Foshan, inventories continued to weaken due to dip-buying tendencies of downstream producers and a lesser amount of imports.

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

The aluminium ingot inventories plunged the highest in Wuxi by 28,000 tonnes over a week to 283,000 tonnes from 311,000 tonnes recorded last Thursday. In Nanhai, inventories decreased by 12,000 tonnes to stand at 185,000 tonnes. Tianjin saw a dip of 2,000 tonnes week-on-week to come in at 80,000 tonnes, while that in Shanghai and Chongqing inched down by 1,000 tonnes to 37,000 tonnes and 3,000 tonnes, respectively.

Meanwhile, primary aluminium inventories in Gongyi rose 10,000 tonnes to rest at 86,000 tonnes.  Inventories in Hangzhou and Linyi remained restrained at 60,000 tonnes and 17,000 tonnes, found SMM.