Poor downstream consumption prompts growth in aluminium billet inventories this week
According to Shanghai Metals Market, the inventories of 6063 aluminium billet have increased on Thursday, July 25, by some 1,600 tonnes to stand at 82,700 tonnes. Poor downstream consumption could be a reason for this weekly rise in aluminium billet inventories.
In the last two weeks, on July 11 and July 18, the aluminium billet inventories had recorded drops by some 1,700 tonnes and 400 tonnes to stand at 81,500 tonnes and 81,100 tonnes, respectively.
Today, the billet inventories in Foshan, Guangdong; and in Wuxi, Jiangsu have grown from 41,700 tonnes and 12,300 tonnes, as of July 18, to 43,400 tonnes and 14,600 tonnes respectively, found Shanghai Metals Market.
However, in other three major markets like Changzhou, Jiangsu; Huzhou, Zhejiang; and Nanchang, Jiangxi, the inventories have dropped over the week from 12,000 tonnes to 11,000 tonnes, from 10,000 tonnes to 9,000 tonnes, and from 5,100 tonnes to 4,600 tonnes.
Amidst the week-on-week rise in aluminium billet inventories, the prices of aluminium alloys (ADC12) and aluminium alloy (A380) have remained restrained at 14,000 tonnes and 14,850 tonnes, as of today. The price of aluminium alloy (A356), on the other hand, has recorded a rise by RMB 100 per tonne to RMB 14,550 per tonne.
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