Primary aluminium inventories in China continue W-o-W decline to stand at 702,000 tonnes

According to Shanghai Metals Market, the social inventories of primary aluminium ingots have extended week-on-week decline on July 23 across eight major consumption areas, including SHFE warrants. Declining by 6,000 tonnes from the previous week, the inventories today have come in at 702,000 tonnes. On last Thursday, July 16, the primary aluminium stocks were at 708,000 tonnes after declining by 4,000 tonnes week-on-week.

Meanwhile, on Monday, July 20, the primary aluminium ingot inventories recorded a hike of 4,000 tonnes over the weekend after more than three months to stand at 712,000 tonnes, found SMM. So, compared to Monday, the stocks today have stood down by 10,000 tonnes.

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

As the above chart shows, the primary aluminium inventories in Gongyi have decreased by 4,000 tonnes to stand at 38,000 tonnes, while that in Hangzhou and Tianjin have dwindled by 3,000 tonnes to come in at 97,000 tonnes and 56,000 tonnes, respectively. In Nanhai and Linyi, the inventories have dropped marginally by 1,000 tonnes to 174,000 tonnes and 5,000 tonnes, respectively. In Wuxi and Chongqing, however, the inventories have remained restrained, respectively, at 216,000 tonnes and 4,000 tonnes, while that in Shanghai have grown by 6,000 tonnes to peg at 112,000 tonnes, learned SMM.

On the downfall in inventories owing to higher purchase amidst limited arrivals, the A00 aluminium ingot price has extended its growth by RMB 30 per tonne to RMB 14,550 per tonne, as of Thursday, July 23.