Primary aluminium inventories grow by 5,000 tonnes over the week
According to Shanghai Metals Market, the social inventories of primary aluminium in China have recorded a second weekly rise today, on August 1, in the past four weeks. Data shows the stocks across eight major consumption areas in China, including SHFE warrants, have come in at 1.04 million tonnes after growing by 5,000 tonnes from a week ago and 11,000 tonnes from Monday, July 29. On July 25, the inventories were at 1.035 million tonnes and on July 29 at 1.029 million tonnes.
However, the growth today in primary aluminium inventories could not touch upon all the major Chinese markets. Hence, inventories in Wuxi, Jiangsu; Hangzhou, Zhejiang; Linyi, Shandong; and Shanghai plunged by 9,000 tonnes, 3,000 tonnes, and 1,000 tonnes, respectively. Other markets like Nanhai, Guangdong; Gongyi, Henan; Tianjin; and Chongqing, have, however, seen a growth of 12,000 tonnes, 4,000 tonnes, 2,000 tonnes, and 1,000 tonnes.
The chart below indicates the current status of primary aluminium inventories across China:
On the expansion of primary aluminium inventories, the A00 aluminium ingot price today dwindled by RMB 40 per tonne to RMB 13,870 per tonne.
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