Primary aluminium inventories grow 13.4% across China on poor spot transactions: SMM
According to Shanghai Metals Market, social inventories of primary aluminium across eight major consumption areas in China, including SHFE warrants, grew 13.4 per cent over a week-long Chinese New Year Holiday, as on today, February 11. Compared to 1.378 million tonnes as of January 31, the primary aluminium inventories today came in at 1.562 million tonnes, up 184,000 tonnes.
Over the same period, stocks in Wuxi and Hangzhou grew from 513,000 tonnes to 578,000 tonnes, up 13 per cent while that in Shanghai rose from 299,000 tonnes to 310,000 tonnes, up about 4 per cent. In other markets like Nanhai and Guangdong, and Gongyi and Henan, the inventories increased 30 per cent and 12 per cent to stand at 274,000 tonnes and 142,000 tonnes respectively.
The below chart indicates the current status of primary aluminium inventories across China in more details:
This growth in primary aluminium inventories is attributable to poor spot aluminium transactions across China, especially eastern and southern markets in the morning today, as downstream consumers have not returned from the holidays.
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