China’s primary aluminium inventories tumble through the weekend to a new low at 530,000 tonnes
According to the Shanghai Metals Market, China’s social inventories of primary aluminium continued to slump through the weekend ended Monday, November 21, by 17,000 tonnes amounting to 530,000 tonnes. On a week-on-week calculation, the inventories edged 23,000 tonnes lower than 553,000 tonnes.
With this fall, primary aluminium inventories have come to the lowest this year and also the lowest when compared to the same period of previous years. Wuxi led the downfall this weekend as fewer cargoes arrived after transportation in Gongyi was resumed.
The chart below indicates the current status of primary aluminium inventories across China in more details:
In Wuxi, primary aluminium inventories plunged by 12,000 tonnes over the weekend to total 130,000 tonnes as of Monday, November 21, followed by a decline of 6,000 tonnes in Nanhai to 126,000 tonnes, found SMM.
Meanwhile, in Gongyi, primary aluminium inventories inched up by 1,000 tonnes from the last Thursday to stand at 62,000 tonnes, whereas the inventories in Shanghai, Hangzhou, Tianjin, Chongqing, and Linyi remained restrained at 41,000 tonnes, 73,000 tonnes, 75,000 tonnes, 5,000 tonnes, and 18,000 tonnes, respectively.
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