China’s primary aluminium stocks drop 64,000 tonnes on limited arrivals
Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, stood at 1.282 million tonnes as of as of Thursday May 23. Inventories dropped 64,000 tonnes from 1.346 million tonnes on Thursday, May 16, Shanghai Metals Market data showed.
The chart below indicates the current status of primary aluminium inventories across all major China Markets.
Stocks continued to decline this week, due to limited arrivals and brisk demand. Spot prices remained in a premium over prices of futures, which triggered outflows of warrants, and reduced primary aluminium stocks, SMM reported.
Primary aluminium stocks in Wuxi, Jiangsu, declined 22,000 tonnes from Thursday, May 16 to stand at 461,000. In Shanghai, stocks dropped 5,000 tonnes to stand at 265,000 tonnes; in Nanhai, Guangdong, inventories reduced 25,000 tonnes to stand at 261,000 tonnes.
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