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27 APRIL 2020 AL CIRCLE

Growing demand and subdued supply of primary aluminium lead to lower inventories over the weekend ending April 27

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

Social inventories of primary aluminium ingots have continued to trend lower over the weekend ended Monday, April 27, on robust demand and subdued supply, according to Shanghai Metals Market.

SMM data shows the primary aluminium ingots stocks have decreased by 76,000 tonnes across eight major consumption areas in China, including SHFE warrants, from last Thursday, to stand at 1.283 million tonnes.

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The chart below shows the current status of the primary aluminium inventories across China in more details:

Growing demand and subdued supply of primary aluminium lead to lower inventories over the weekend

As the above chart shows that among all the major Chinese provinces, Gongyi has seen the highest decline in primary aluminium inventories over the weekend by about 24,000 tonnes to stand at 94,000 tonnes, followed by Nanhai 21,000 tonnes to come in at 265,000 tonnes.  In Wuxi, the stocks have decreased by 15,000 tonnes to 562,000 tonnes, while that in Hangzhou and Shanghai by 10,000 tonnes and 6,000 tonnes to respectively hover at 125,000 tonnes and 161,000 tonnes. Compared to this, Linyi has seen a marginal drop of 1,000 tonnes to stand at 8,000 tonnes, as of April 27.

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In Tianjin, however, the stocks have remained restrained at 54,000 tonnes, while that in Chongqing has gained 1,000 tonnes over the weekend to come in at 14,000 tonnes.

On the growing demand for primary aluminium ingots over the weekend in contrast to lower supply, the price of A00 aluminium ingot has recorded a rise of RMB 50 per tonne today to stand at RMB 12,510 per tonne, found Shanghai Metals Market.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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