Chinese primary aluminium inventory drops as tax cuts improve purchases
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, came in at 1.734 million tonnes as of Thursday March 21. Stocks dropped some 20,000 tonnes from Thursday March 14. The chart below indicates the current status of the primary aluminium inventories across China:
Purchasing enthusiasm among downstream consumers improved ahead of the value-added tax cuts and this accounted for the decline in social inventories of primary aluminium.
Compared with last Thursday, Inventories in Wuxi, Jiangsu dropped 9,000 tonnes to stand at 619,000 tonnes, while stocks in Nanhai, Guangdong increased 7,000 tonnes to stand at 409,000 tonnes. Stocks in Shanghai dropped 2,000 tonnes to 311,000 tonnes.
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