Chinese alumina stocks climb to new high
As of December 11, total alumina stocks across the country’s 10 major ports, 44 alumina producers, 89 primary aluminium smelters, and rail yards or in transit under Mysteel’s regular tracking had reached 5.06 million tonnes, according to results of Mysteel’s latest survey. This represented another 1.1 per cent increase from the previous week and renewed the highest level since Mysteel began the survey in January 2022.
The inventory buildup has now extended for 28 consecutive weeks since early June this year, Mysteel Global noted.
Last week’s stock accumulation was primarily driven by rising in-transit stocks of domestically traded alumina, market watchers explained. Unloading congestion at some ports, coupled with adverse weather conditions in North China, slowed or disrupted highway transportation, leading to alumina cargos in transit to mount. Mysteel’s survey showed that as of December 11, alumina volumes at rail yards or in transit had climbed by 5.4 per cent on week to 1.2 million tonnes, also the highest level since January 2022.
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