
According to Shanghai Metals Market, social inventories of primary aluminium across eight major consumption areas in China, including SHFE warrants, stood at 1.264 million tonnes as of Thursday January 17, down 18,000 tonnes from Thursday January 10.
Compared to last Thursday, stocks in Wuxi, Jiangsu and Shanghai dropped by about 16,000 tonnes and 4,000 tonnes to stand at 492,000 tonnes and 301,000 tonnes while stocks in Nanhai, Guangdong and Hangzhou, Zhejiang increased by some 6,000 tonnes and 3,000 tonnes to stand at 159,000 tonnes and 108,000 tonnes. Inventory in Gongyi, Henan decreased to 110,000 tonnes.
{alcircleadd}The below chart indicates the current status of primary aluminium inventories across China:

Limited cargoes arrived at social warehouses this week and downstream consumers stockpiled raw materials for the upcoming Chinese New Year. This accounted for the decline in primary aluminium inventories.
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