China’s primary aluminium inventories sharply fall by 55000 tonnes W-o-W on June 2

According to the Shanghai Metals Market, China’s social inventories of primary aluminium extended decline on Thursday, June 2, across eight major consumption areas, including SHFE warrants. As per the data found, the inventories fell sharply by 55,000 tonnes over the week and 151,000 tonnes from the beginning of May to come in at 882,000 tonnes.

The plunge in primary aluminium inventories could be attributed to the rush to pick up cargoes from warehouses. Buying enthusiasm was noticeable due to widening spot discounts in east China, whereas arrivals of stocks sent inventories in Gongyi lower.

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

In Wuxi, primary aluminium inventories plummeted by 38,000 tonnes to stand at 377,000 tonnes as of June 2, followed by a decrease of 10,000 tonnes in Nanhai to come in at 218,000 tonnes. In Gongyi, primary aluminium inventories dropped by 4,000 tonnes week-on-week from 77,000 tonnes to 73,000 tonnes, while the inventories in Tianjin and Shanghai dipped by 2,000 tonnes to 78,000 tonnes and 54,000 tonnes, respectively.

Meanwhile, primary aluminium inventories in Hangzhou inched up by 2,000 tonnes to 61,000 tonnes, while that in Linyi remained restrained at 17,000 tonnes.