China’s primary aluminium inventories decline further by 38,000 tonnes W-o-W: SMM
According to the Shanghai Metals Market, social inventories of primary aluminium have decreased by 38,000 tonnes week-on-week across eight major consumption areas in China, including SHFE warrants, to come in at 965,000 tonnes as of Thursday, May 19. Compared to this Monday, May 16, the inventories have declined by 19,000 tonnes, while that in contrast to April-end descended by 22,000 tonnes. Low arrivals of stocks were the main reason for the inventory decline.
The chart below indicates the current status of primary aluminium inventories across China in more details:
In Wuxi and Gongyi, primary aluminium inventories have plunged by 28,000 tonnes and 20,000 tonnes, respectively, to come in at 441,000 tonnes and 85,000 tonnes, found SMM. Drop in stock arrivals amid normal cargo pick up was the primary reason for the plunge.
However, on the other hand, inventories in Nanhai have increased by 8,000 tonnes over the week to stand at 222,000 tonnes, and inventories in Hangzhou, Tianjin, and Chongqing have inched up by 1,000 tonnes to hover around 57,000 tonnes, 80,000 tonnes, and 6,000 tonnes, respectively.
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