China’s primary aluminium inventories gain 3,000 tonnes over the weekend as trades decline in spot market
According to the Shanghai Metals Market, social inventories of primary aluminium gained 3,000 tonnes over the weekend across eight major consumption areas, including SHFE warrants. After several consecutive weeks of fall, primary aluminium inventories built-up to stand at 671,000 tonnes, but 111,000 tonnes lower than in the same period last year and 11,000 tonnes down week-on-week.
Inventories increased on Monday as trades in the spot market declined slightly after aluminium prices rebounded last week. The weekly shipments out of warehouses in Foshan, Wuxi, and Gongyi were in a downtrend.
The chart below indicates the current status of primary aluminium inventories across China in more details:
In Wuxi, primary aluminium inventories accumulated by 5,000 tonnes over the weekend to come in at 225,000 tonnes as of July 25, followed by the increase of 1,000 tonnes in Nanhai and Shanghai to RMB 176,000 tonnes and 37,000 tonnes, respectively.
However, in Gongyi and Tianjin, primary aluminium inventories decreased by 3,000 tonnes and 1,000 tonnes, respectively, to hover around 81,000 tonnes and 77,000 tonnes. In Hangzhou, Chongqing, and Linyi, on the other hand, remained restrained at 55,000 tonnes, 3,000 tonnes, and 17,000 tonnes, respectively.
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