Primary aluminium inventories further decline by 34,000 tonnes week-on-week

According to Shanghai Metals Market, the social inventories of primary aluminium have again plunged this week ended on Thursday, September 12, as some regions have seen greater deliveries. SMM data shows the stocks across eight major consumption areas, including SHFE warrants, have decreased by 34,000 tonnes from a week ago to come in at 972,000 tonnes.

On Monday, September 9, the inventories were at 992,000 tonnes after declining by 14,000 tonnes from last Thursday, September 5; so, the inventories today have dropped by 20,000 tonnes from that on September 9.

The chart below shows the current status of primary aluminium inventories in more details:

The above chart suggests that the primary aluminium inventories in Wuxi, Jiangsu have declined by 9,000 tonnes week-on-week to stand at 294,000 tonnes, while that in Nanhai, Guangdong, and Gongyi, Henan by 11,000 tonnes and 17,000 tonnes to clock at 275,000 tonnes and 81,000 tonnes, respectively. In Shanghai and Linyi, Shandong, the inventories have seen a relatively lesser drop. The stocks there are standing at 190,000 tonnes and 10,000 tonnes respectively after declining by 1,000 tonnes. In some areas like Tianjin, Chongqing, and Hangzhou, Zhejiang, the inventories have grown as well, by 2,000 tonnes and 1,000 tonnes to 54,000 tonnes, 17,000 tonnes, and 51,000 tonnes.

On this significant decline in inventories, the A00 aluminium ingot price has recorded a growth today by RMB 80 per tonne to RMB 14,550 per tonne. This marks the third consecutive rise since a fall on September 9 from RMB 14,420 per tonne to RMB 14,390 per tonne.