Primary aluminium inventories extend growth over the weekend, but slower than the previous week
On Monday, February 24, the social inventories of primary aluminium extended its growth over the weekend, as demand recovered slowly than expected due to Coronavirus, learned Shanghai Metals Market.
The data shows the inventories across eight major Chinese consumption areas, including SHFE warrants, increased 84,000 tonnes from Thursday, February 20, to stand at 1.314 million tonnes, as of Monday. On February 20, the inventories stood at 1.23 million tonnes after building up by 137,000 tonnes over the week.
The below chart shows the current status of primary aluminium inventories across China in more details:
In Wuxi, Shanghai, and Nanhai, the primary aluminium stocks on Monday increased by 35,000 tonnes, 7,000 tonnes, and 42,000 tonnes to stand at 482,000 tonnes, 118,000 tonnes, and 300,000 tonnes, respectively. The stocks in Linyi have increased marginally by 1,000 tonnes to 13,000 tonnes, while that in Gongyi, Tianjin, Chongqing, and Hangzhou remained restrained or dropped by 1,000 tonnes.
On the further rise, the price of A00 aluminium ingot recorded a significant decline of RMB 130 per tonne on February 24, from RMB 13,540 per tonne to RMB 13,410 per tonne. However, today it remained restrained.
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