China’s primary aluminium inventories jumped 60,000 tonnes; A00 aluminium price stands at RMB 14100/t

As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 690,000 tonnes as of Thursday, 23 January 2020, up 60,000 tonnes. Aluminium inventories jumped ahead of the Chinese New Year on higher arrivals and muted consumption.

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 Thursday after declining three days in a row. Ingot price increased from RMB14090 per tonne to RMB14100 per tonne. The price is expected to range at RMB14080-14120 per tonne. Spot aluminium contract is likely to be traded at a discount of RMB110 per tonne to premium of RMB70 per tonne.

Aluminium ingot price in Wuxi dropped by RMB 10 per tonne to stand at RMB 14100 per tonne. The prices are likely to range at RMB 14090-14110 per tonne. But the aluminium ingot prices in Hangzhou and Shenyang climbed RMB 10 per tonne and RMB 50 per tonne to stand at RMB 14110 per tonne and RMB 14150 per tonne. Gongyi aluminium price was up by RMB 10 per tonne to RMB 14045 per tonne.

Aluminium ingot prices in Foshan, Chongqing, Tianjin and Linyi remained unchanged at RMB 14190 per tonne, RMB 14160 per tonne, RMB 14120 per tonne and RMB 14150 per tonne.