Primary aluminium inventories in China drop 2% over the weekend to shrink below 1 million tonnes
According to the Shanghai Metals Market, social inventories of primary aluminium have declined over the weekend ending May 16 by 19,000 tonnes or 1.89 per cent across eight major consumption areas, including SHFE warrants. On a year-on-year calculation, the inventories are down by 77,000 tonnes coming in at 984,000 tonnes. This has also marked a month-on-month downfall of 55,000 tonnes.
The chart below indicates the current status of primary aluminium inventories across China in more details:
Inventory in Wuxi has declined the most on Monday, May 16, by 14,000 tonnes to stand at 455,000 tonnes, followed by the decrease of 8,000 tonnes in Gongyi to 97,000 tonnes. In Hangzhou and Chongqing, inventories have inched down by 1,000 tonnes to settle at 55,000 tonnes and 5,000 tonnes, respectively.
Meanwhile, in Nanhai and Tianjin, primary aluminium inventories have increased by 4,000 tonnes and 1,000 tonnes, respectively, to total 218,000 tonnes and 80,000 tonnes, respectively. In Shanghai and Linyi, inventories have remained restrained at 57,000 tonnes and 17,000 tonnes, found SMM.
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