
The social inventories of primary aluminium in China continued to fall over the weekend, found Shanghai Metals Market. Steady consumption in Guangdong and lower arrival of stocks there contributed to more than half of the decline.
According to the data showed, eight consumption areas in China, including SHFE warrants, decreased by 37,000 tonnes from Thursday, December 12, to 611,000 tonnes, as of Monday, December 16. Week-on-week, the inventories are down by 61,000 tonnes, as on last Monday, December 9, the inventories were at 672,000 tonnes.
{alcircleadd}
In Wuxi, the inventories over the week have declined by 8,000 tonnes to stand at 198,000 tonnes, while that in Shanghai, Nanhai, and Gongyi have inched down by 11,000 tonnes, 32,000 tonnes and 5,000 tonnes to stand at 116,000 tonnes, 136,000 tonnes and 36,000 tonnes, respectively. In Hangzhou and Chongqing, the inventories have decreased as well by 2,000 tonnes and 3,000 tonnes to 52,000 tonnes and 16,000 tonnes; but in Tianjin and Linyi, the inventories have remained restrained at 52,000 tonnes and 5,000 tonnes, respectively.
But despite the further decline in primary aluminium inventories, the price of A00 aluminium ingot has slipped by RMB 40 per tonne to RMB 13,970 per tonne, as of December 16, learned SMM. This marks the third consecutive fall since last week after the growth of RMB 20 per tonne from RMB 14,110 per tonne to RMB 14,130 per tonne. The average prices are expected to range between RMB 13,950 per tonne and RMB 13,990 per tonne, with spot contract to be traded at a premium price of RMB 0-40 per tonne.

On the decline of A00 aluminium ingot price, the price of aluminium alloy (A356) has also decreased for the second straight day by RMB 50 per tonne to RMB 14,650 per tonne, as of December 16, according to SMM. The average prices are expected to range between RMB 14,600 per tonne and RMB 14,700 per tonne. The prices of aluminium alloys (ADC12) and aluminium alloy (A380) have, however, remained restrained at RMB 14,850 per tonne and RMB 15,750 per tonne, respectively.
Responses







