Primary aluminium inventories in China decline to a new low this year at 571,000 tonnes: SMM
Social inventories of primary aluminium in China have further lost 9,000 tonnes over the weekend ended November 7, 2022, across eight major consumption areas, including SHFE warrants, found the Shanghai Metals Market. Thus, the inventories froze at 571,000 tonnes as of November 7, down by 42,000 tonnes week-on-week from 613,000 tonnes.
The current inventory is a new low in 2022, driven by pandemic-induced transportation restrictions in China. To know the status of inventory in more details, refer the chart below:
The decline in Chinese primary aluminium inventories to a new low over the weekend was primarily contributed by Wuxi and south China, though the downfall in the latter slowed due to weakening trades. In Wuxi, inventories plunged by 13,000 tonnes on Monday to stand at 171,000 tonnes, followed by the drop of 2,000 tonnes in Nanhai and Chongqing to 130,000 tonnes and 2,000 tonnes, respectively.
On the other hand, inventories in Gongyi and Hangzhou increased by 6,000 tonnes and 2,000 tonnes, respectively, to clock at 65,000 tonnes and 71,000 tonnes, learned SMM. In Shanghai, Tianjin, and Linyi, inventories remained restrained at 41,000 tonnes, 74,000 tonnes, and 17,000 tonnes, respectively.
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