China’s primary aluminium inventories suffer W-o-W decline of 29000 tonnes; situation to retrieve with improved transportation

AL Circle

As recorded by the Shanghai Metals Market, China’s social inventories of primary aluminium witnessed a downfall on Friday, June 9, across eight primary consumption areas. According to the data provided by SMM, the aluminium ingot inventory fell sharply by 29,000 tonnes week-on-week compared with last Thursday. Yesterday, the primary ingot social inventories stood at 853,000 tonnes in total versus 882,000 tonnes on June 2. SMM also calculated that the inventories as of June 2 were 70,000 tonnes lower than the end of May.

Enthusiastic consumption of the metal amid weaker arrivals of stocks led to the decline in inventories on June 9.

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

China’s primary aluminium inventories suffer W-o-W decline of 29000 tonnes; situation to retrieve with improved transportation, Alcircle News

The aluminium ingot inventories plunged the highest in Wuxi by 60,000 tonnes over a week to 348,000 tonnes from 377,000 tonnes last Thursday. According to SMM, Wuxi inventories suffered a loss of 60,000 tonnes compared with May’s end because of heightened demand.

The inventories in Gongyi rose slightly to 80,000 tonnes with an additional 7,000 tonnes to its weight. In Shanghai, inventories dropped by 11,000 tonnes week-on-week from 54,000 tonnes on June 2 to 43,000 tonnes on June 9. In Tianjin, ingot inventories gained 2,000 tonnes to stand at 80,000 tonnes on June 9, while that in Nanhai and Chongqing inched up 1,000 tonnes to 219,000 tonnes and 5,000 tonnes.

In Hangzhou and Linyi, primary aluminium inventories, however, refrained from any changes standing at 61,000 tonnes and 17,000 tonnes, respectively.

OUTLOOK 2022

On the whole, the incident led to different variations of social inventories in individual regions. After the transportation situation is improved, Chinese inventories will most likely slow down their gradual decline as delayed goods will finally arrive.

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