China’s primary aluminium inventories jumped 103,000 tonnes; A00 aluminium ingot price extends growth by RMB10/t

As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 1.488 million tonnes as of Thursday, 5 March 2020, an increase of 103,000 tonnes from February 27. Aluminium inventories increased this week, as demand recovered slowly amid the ongoing coronavirus outbreak.

Primary aluminium stocks in Wuxi and Nanhai climbed 35,000 tonnes and 48,000 tonnes from February 27 to stand at 562,000 tonnes and 374,000 tonnes. The current status of primary aluminium inventories across China is given in the chart below:

A00 aluminium ingot price recorded an increase of RMB10 per tonne on Friday, 06 March 2020 after rising by RMB50 per tonne on Thursday. Ingot price increased from RMB13060 per tonne to RMB13070 per tonne. The price is expected to range at RMB13050-13090 per tonne. Spot aluminium contract is likely to be traded at a discount of RMB70-30 per tonne.

Aluminium ingot price in Wuxi and Hangzhou dropped by RMB 15 per tonne and RMB 10 per tonne to stand at RMB 13060 per tonne, respectively. Their prices are likely to range at RMB 13050-13070 per tonne each. But the aluminium ingot prices in Shenyang climbed RMB 20 per tonne to RMB 13105 per tonne. The price is likely to range at RMB 13100-13110 per tonne

Aluminium ingot prices in Tianjin, Linyi, and Gongyi decreased to stand at RMB 13060 per tonne, RMB 13150 per tonne, and RMB 12980 per tonne.