China’s primary aluminium inventories reflect a W-o-W growth of 1.7% this week: SMM

According to the Shanghai Metals Market, social inventories of primary aluminium totalled 1.269 million tonnes across eight major consumption areas in China, including SHFE warrants, as of Thursday, March 2, 2023. Compared to a week ago, February 23, the inventories have accumulated 21,000 tonnes this week but stand almost muted as against 1.268 million tonnes on Monday, February 27.

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

In Gongyi, primary aluminium inventories gained the highest this week, with the end of the inflow controls. SMM survey showed inventories in Gongyi increased by 10,000 tonnes to stand at 258,000 tonnes on March 2. In Wuxi, primary aluminium inventories climbed 8,000 tonnes over a week to rest at 447,000 tonnes, followed by the rise of 4,000 tonnes in Chongqing to 15,000 tonnes, 3,000 tonnes in Hanzhou to 78,000 tonnes, and 1,000 tonnes in Shanghai to 52,000 tonnes.

Meanwhile, in Nanhai, primary aluminium inventories decreased by 3,000 tonnes in a week to settle at 314,000 tonnes on March 2, while that in Tianjin and Linyi slipped by 1,000 tonnes each to come in at 76,000 tonnes and 29,000 tonnes, found SMM.