
Social inventories of primary aluminium across major consumption areas in China, including SHFE warrants, dropped some 13,000 tonnes week-on-week to stand at 1.525 million tonnes today, November 1, Shanghai Metals Market found.
This decline in social inventories could be attributed to molten aluminium consumption replaced by aluminium ingots in the downstream industry.
{alcircleadd}Today, the inventories in Wuxi and Jiangsu reportedly dropped 10,000 tonnes from a week ago and stood at 659,000 tonnes. In Shanghai and Nanhai, Guangdong, the inventories dropped as well, by 2,000 tonnes and 3,000 tonnes W-o-W to settle at 346,000 tonnes and 227,000 respectively, as of today. However, inventories in Gongyi, Henan and Hangzhou, Zhejiang showed an exception by rising from 91,000 tonnes to 95,000 tonnes and from 96,000 tonnes to 97,000 tonnes, respectively. For more details, refer to the chart below:

Alongside, A00 aluminium ingot price also inched down to RMB 13,800 per tonne as of today, marking a decline by RMB 190 per tonne from the previous day. The average prices today are expected to range between RMB 13780 per tonne and RMB 13820 per tonne, with spot discounts remaining same at RMB 70 per tonne to RMB 30 per tonne.

The ingot prices in all the major markets also registered a significant plunge today. In the east, the price dropped by RMB 160 per tonne to RMB 13800 per tonne, while in the south and north, it decreased by RMB 170 per tonne and RMB 190 per tonne to stand at RMB 13900 per tonne and RMB 13820 per tonne.
In the last three months, today’s aluminium ingot price came in at the lowest. In fact, since August 1, the A00 aluminium ingot price for the first dropped below RMB 14,000 per tonne today.
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