China’s primary aluminium inventory drops 2,000 tonnes week-on-week on March 9

According to the Shanghai Metals Market, China's primary aluminium inventories dipped by 2,000 tonnes on a weekly basis across eight major consumption areas, including SHFE warrants. On Thursday, March 9, the inventories came in at 1,267,000 tonnes, which in comparison with the first Monday of this month, March 6, declined by 2,000 tonnes. However, the inventories in China recorded a surge of 122,000 tonnes from the same period last year.

Since the end of February, the inventory build has been gradually slowed down, though the downstream demand has been recovering steadily. There has been a great stock influx due to the continuously accumulating inventory, and it is being projected that the destocking process will begin once the usual pace is met.

Last week, on March 2, primary aluminium inventories stood at 1,269,000 tonnes, which plunged across eight major consumption areas to come in at 1,267,000 tonnes on March 9, Thursday.

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

The eight major Chinese provinces have witnessed descending traits in inventory accumulation, with the aluminium ingot toll rising only in Wuxi by 20,000 tonnes to 467,000 tonnes. While in Tianjin, Chongqing and Linyi there has been no measurable change.

In Gongyi, the aluminium inventory has massively fallen by 14,000 tonnes to 244,000 tonnes, whereas in Nanhai it has stooped down by 4,000 tonnes to 310,000 tonnes. The aluminium inventory in Hangzhou has dived by 3,000 tonnes to 75,000 tonnes. In Shanghai, the aluminium ingot inventory collected 51,000 tonnes by shedding almost 1,000 tonnes.