China’s primary aluminium inventories experience speedy recovery during National Day holiday to stand at 674,000 tonnes
The Shanghai Metals Market survey found social inventories of primary aluminium built-up 55,000 tonnes across eight major Chinese consumption areas, including SHFE warrants, during the National Day holiday ended October 7, 2022. As of Saturday, October 8, inventories totalled 674,000 tonnes, up by 22,000 tonnes from October 26.
The surge in inventories could be attributed to downstream consumption recovery, as better consumption led to the possibility of continuous inventory accumulation.
The chart below indicates the current status of primary aluminium inventories across China in more details:
On a week-on-week basis, primary aluminium inventories in Wuxi rose 17,000 tonnes to stand at 206,000 tonnes as of October 8, following a sharp downfall of 22,000 tonnes in Gongyi to 90,000 tonnes. In Nanhai and Hangzhou, social inventories of primary aluminium gained 7,000 tonnes and 6,000 tonnes over week to come in at 174,000 tonnes and 69,000 tonnes, respectively.
In Shanghai, Tianjin, and Chongqing, primary aluminium inventories inched up by 1,000 tonnes week-on-week to hover around 40,000 tonnes, 74,000 tonnes, and 4,000 tonnes as of October 8. Meanwhile, inventories in Linyi stood restrained at 17,000 tonnes on October 8.
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