Primary aluminium inventories dwindle 30,000 tonnes W-o-W; A00 aluminium ingot price rises by RMB10/t

Followed by the previous fall on June 24 to 1.061 million tonnes, the primary aluminium inventories today, on June 27, have come in at 1.051 million tonnes, according to Shanghai Metals Market data.  This indicates that the inventories have declined by 10,000 tonnes over the past three days across eight major consumption areas, including SHFE warrants.

A week ago, on June 20, the primary aluminium inventories were at 1.081 million tonnes, which shows that the inventories today dropped by 30,000 tonnes week-on-week.

In Wuxi, Jiangsu; Shanghai; Hangzhou, Zhejiang; and Chongqing; the inventories have dropped week-on-week by some 21,000 tonnes, 3,000 tonnes, 12,000 tonnes, and 1,000 tonnes to stand at 353,000 tonnes, 60,000 tonnes, and 22,000 tonnes, respectively. In other major markets like Nanhai, Guangdong; Gongyi, Henan; and Tianjin; the inventories have increased, on the other hand, by 5,000 tonnes and 1,000 tonnes to hover at 246,000 tonnes, 101,000 tonnes, and 54,000 tonnes.

Against the background of sluggish inventories, the A00 aluminium ingot price has extended its rise for the third consecutive days by RMB 10 per tonne RMB 13,930 per tonne, found SMM. The average prices are expected to range between RMB 13,910 per tonne and RMB 13,950 per tonne, while the spot contract to be traded at a discount price of RMB 10 per tonne to a premium price of RMB 30 per tonne.

However, the price rise of aluminium ingot today has not touched upon all the major cities in China other than Foshan, where the price has recorded an increase by RMB 10 per tonne as well to stand at RMB 13,980 per tonne.  In Linyi, Wuxi, Hangzhou, and Gongyi, the ingot price has dropped by RMB 30 per tonne, RMB 10 per tonne and RMB 5 per tonne, respectively.