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09 SEPTEMBER 2019 AL CIRCLE

Primary aluminium inventories in China continue to fall over the weekend by 14,000 tonnes

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

According to Shanghai Metals Market, the social inventories of primary aluminium have extended decline over the weekend ended on September 9, as stocks in Gongyi, Henan have recorded a drop due to fewer arrivals.

SMM data showed that the inventories across eight major Chinese consumption areas, including SHFE warrants, stood at 992,000 tonnes after declining by 14,000 tonnes from 1.006 million tonnes on Thursday, September 5.

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On last Monday, September 2, the inventories were at 1.016 million tonnes, which indicates that today the stocks have decreased by 24,000 tonnes week-on-week.

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

Primary aluminium inventories

The above chart shows the primary aluminium inventories in Wuxi, Jiangsu have dropped by 8,000 tonnes to stand at 295,000 tonnes, compared to 303,000 tonnes on September 5, while that in Gongyi, Henan, and Shanghai have decreased by 12,000 tonnes and 1,000 tonnes to come in at 86,000 tonnes and 190,000 tonnes, respectively.

However, other cities like Nanhai, Guandong; Hangzhou, Zhejiang; Linyi, Shandong; and Tianjin have witnessed a rise in inventories by 3,000 tonnes, 2,000 tonnes, and 1,000 tonnes respectively to stand at 289,000 tonnes, 52,000 tonnes, 10,000 tonnes, and 53,000 tonnes, as of September 9, 2019.

Red Mud Report

But despite the back-to-back decline in primary aluminium inventories today, the price of A00 aluminium ingot has recorded a fall by RMB 30 per tonne to RMB 14,390 per tonne, found Shanghai Metals Market.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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