Primary aluminium inventories in China decline for the third week in a row to 937,000 tonnes
Social inventories of primary aluminium in China have decreased by 28,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants, found the Shanghai Metals Market. That brought the inventories to 937,000 tonnes on Thursday, May 26, which compared to Monday, May 23, were down by 5,000 tonnes. Weak arrivals of stocks against stable outflows led to the further decline in primary aluminium inventories.
The chart below indicates the current status of primary aluminium inventories across China in more details:
The decline in inventories this we led by Wuxi, wherein stocks have plunged by 26,000 tonnes week-on-week to come in at 415,000 tonnes, followed by the decrease of 8,000 tonnes in Gongyi to 77,000 tonnes. In Shanghai and Chongqing, primary aluminium inventories have dropped by only 1,000 tonnes to rest at 56,000 tonnes and 5,000 tonnes, respectively.
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Meanwhile, in Nanhai and Hangzhou, primary aluminium inventories have built up by 6,000 tonnes and 2,000 tonnes to rest at 228,000 tonnes and 59,000 tonnes, learned SMM. On the other hand, inventories in Tianjin and Linyi have remained restrained at 80,000 tonnes and 17,000 tonnes, respectively.
Domestic aluminium demand in North America remains strong, up by 5.3% in 1Q2022
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