
According to the latest data shared by Shanghai Metals Market, the social inventories of primary aluminium have continued to grow, although slower than the previous week. Data shows the inventories have gained 20,000 tonnes across eight major Chinese consumption areas, including SHFE warrants, week-on-week ending on Thursday, January 14, compared to the surge of 51,000 tonnes in the previous week. Hence, the inventories today are standing at 684,000 tonnes against 664,000 tonnes on January 7, 2021.
The chart below indicates the current status of primary aluminium inventories across China in more details:
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Primary aluminium inventories have gained the highest in Gongyi by 15,000 tonnes to stand at 66,000 tonnes, followed by an increase of 9,000 tonnes in Nanhai to 162,000 tonnes, according to SMM data. In Wuxi, primary aluminium inventories have grown by 2,000 tonnes to 251,000 tonnes, while that in Tianjin and Linyi has inched up by 1,000 tonnes to 48,000 tonnes and 5,000 tonnes, respectively.
Hangzhou and Shanghai are two exceptions today where primary aluminium inventories have lost 3,000 tonnes and 5,000 tonnes to stand, respectively, at 87,000 tonnes and 63,000 tonnes.
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