China’s primary aluminium inventories further decline to a new low at 475,000 tonnes

According to the Shanghai Metals Market, social inventories of primary aluminium across China’s eight major consumption areas, including SHFE warrants, stood at 475,000 tonnes on December 22, registering a further decline of 7,000 tonnes week-on-week. That pulled down the inventories even below the 5-year low last week. Compared to the end of November, the current stocks edged 41,000 tonnes lower and 416,000 tonnes less than last year.

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

In Nanhai and Wuxi, primary aluminium inventories decreased by 5,000 tonnes and 4,000 tonnes, respectively, to hover around 108,000 tonnes and 89,000 tonnes, respectively. But inventories in Shanghai inched up by 1,000 tonnes to amount to 38,000 tonnes.

Meanwhile, in Gongyi, inventories remained restrained at 75,000 tonnes, and so the inventories in Hangzhou and Tianjin at 73,000 tonnes. Chongqing and Linyi too also recorded no change in primary aluminium inventories from 3,000 tonnes and 16,000 tonnes, respectively, found SMM.