Primary aluminium inventories fall by 15,000 tonnes after three consecutive weeks of growth
According to Shanghai Metals Market, social inventories of primary aluminium have decreased by 15,000 tonnes week-on-week across eight major Chinese consumption areas, including SHFE warrants, after the past three consecutive weeks of rising. The stocks, as of Thursday, January 21, have come in at 669,000 tonnes compared to 684,000 tonnes on January 14. COVID-induced transport restrictions reduced arrivals of cargoes in Wuxi and Nanhai, resulting in the decline in primary aluminium inventories.
The chart below indicates the current status of primary aluminium inventories across China in more details:
Shanghai has seen the highest downfall in inventories today of 5,000 tonnes to 82,000 tonnes, followed by the fall of 4,000 tonnes in Nanhai and Hangzhou to come in at 158,000 tonnes and 59,000 tonnes, respectively. In Wuxi and Gongyi, primary aluminium inventories have slipped by 2,000 tonnes to stand at 249,000 tonnes and 64,000 tonnes.
Primary aluminium inventories in Tianjin and Linyi have gained 1,000 tonnes to come in at 49,000 tonnes and 6,000 tonnes, respectively, as of January 21.
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