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18 OCTOBER 2018 AL CIRCLE

Primary aluminium inventories drop in China on downstream purchases; A00 ingot price continues downward trend

EDITED BY : HEENA IQBAL 2MINS READ

As reported by Shanghai Metals Market, social inventories of primary aluminium inventories across eight consumption areas in China, including SHFE warrants, declined by some 30,000 tonnes from Thursday October 11 to stand at 1.583 million tonnes as of Thursday October 18.The decline week-on-week exceeds stocks built over the National Day holiday, indicating continued downstream purchases.

In some of the Chinese cities like Wuxi and Gongyi, the inventories declined significantly on the week. In Wuxi and Jiangsu, the inventory stood at 673,000 tonnes; in Shanghai and Nanhai, Guangdong, the inventory came in at 354,000 tonnes and 250,000 tonnes respectively. In Gongyi, Henan, the inventory stood at 107,000 tonnes.

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 The current inventory status in the major Chinese cities is as follows: 

Average A00 aluminium Ingot price plunged by RMB 190 per tonne to RMB 14100 per tonne on Thursday, 18 October 2018. The average prices today are expected to range between RMB 14080 per tonne and RMB 14120 per tonne, with spot discounts to settle at RMB 60 to RMB 20 per tonne.

All the major markets in China also recorded a decline today. In the east market, the price declined by RMB 190 per tonne to stand at RMB 14085 per tonne. The price is expected to range between RMB 14080 per tonne and RMB 14090 per tonne.

In the south and north, the prices fell by RMB 200 per tonne and RMB 160 per tonne to stand at RMB 14140 per tonne and RMB 14130 per tonne, respectively. In south, the price is expected to range between RMB 14120 per tonne and RMB 14160 per tonne; in north, the price is expected to range between RMB 14120 per tonne and RMB 14140 per tonne.


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EDITED BY : HEENA IQBAL 2MINS READ

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