China’s primary aluminium inventories accumulate 9,000 tonnes on August 8 as shipments from warehouses decline
On Monday, August 8, China’s social inventories of primary aluminium recorded a W-o-W hike yet again for three weeks in a row since July 25, 2022. According to the Shanghai Metals Market, inventories across eight major consumption areas, including SHFE warrants, totalled 687,000 tonnes witnessing an increase of 9,000 tonnes from 678,000 tonnes last Monday, August 1.
Inventories have been growing since July-end as shipments from warehouses have remained weak, with a drop of 5,000 tonnes on a weekly basis to 128,300 tonnes last week.
The chart below indicates the current status of primary aluminium inventories across China in more details:
Among the major Chinese provinces, Gongyi saw the highest increase in inventories of 11,000 tonnes over week to 85,000 tonnes versus 74,000 tonnes on August 1. In Nanhai and Chongqing, primary aluminium inventories grew slightly by 1,000 tonnes to stand at 193,000 tonnes and 4,000 tonnes, respectively.
Meanwhile, primary aluminium inventories in Wuxi dropped by 4,000 tonnes W-o-W from 22,000 tonnes to 21,600 tonnes as of August 8. On the other hand, inventories in Shanghai, Hangzhou, Tianjin, and Linyi remained restrained at 36,000 tonnes, 58,000 tonnes, 78,000 tonnes, and 17,000 tonnes.
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