China’s primary aluminium inventories drop on limited arrivals; A00 aluminium ingot price extends growth by RMB80/t
According to Shanghai Metals Market, social inventories of primary aluminium across eight major consumption areas in China, including SHFE warrants, stood at 916,000 tonnes as of Thursday, 17 October 2019, down 61,000 tonnes from a week ago.
Primary aluminium inventories dropped significantly this week as arrivals shrank sharply while outflows held stable. The current status of primary aluminium inventories across China is given in the chart below:
A00 aluminium ingot price recorded a growth of RMB 80 per tonne or 0.58 per cent from Wednesday’s price of RMB 13880 per tonne. The price stood at RMB 13960 per tonne on Thursday and expected to move within a range of RMB 13940 per tonne and RMB 13980 per tonne. Spot aluminium price is likely to be traded at a premium of RMB 30-70 per tonne.
Aluminium ingot price in Foshan increased RMB 90 per tonne to stand at RMB 13930 per tonne. Ingot prices in Wuxi and Hangzhou rose by RMB 90 per tonne and RMB 80 per tonne to stand at RMB 13980 per tonne and RMB 13985 per tonne.
Aluminium ingot prices in Chongqing, Shenyang, Tianjin, Linyi, and Gongyi stood at RMB 13920 per tonne, RMB 13870 per tonne, RMB 13930 per tonne, RMB 13990 per tonne and RMB 13860 per tonne.
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