
According to the latest update from Shanghai Metals Market, inventories of primary aluminium across eight major consumption areas in China decreased further by some 31,000 tonnes to stand at 1.645 million tonnes as of Monday September 17. On last Thursday, the inventories had lowered 38,000 tonnes to stand at 1.68 tonnes, which means the stocks reduced 2 per cent over the weekend. This plunge in inventories could be attributable to the sluggish arrival to warehouses.
However, despite the further plunge in primary aluminium inventories on limited stock arrivals across all the major Chinese markets, the A00 aluminium ingot spot price dropped to RMB 14480 per tonnes. On Friday, September 14, the ingot price had stood at RMB 14510 per tonne, which means the price dipped RMB 30 per tonne over the weekend. Today, the average prices are expected to range between 14460 per tonne and RMB 14500 tonne, with spot discounts to settle at RMB 20 per tonne.
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In the east, the ingot price dropped RMB 50 per tonne to stand at RMB 14460 per tonne, in the south and north, the prices plunged RMB 20 per tonne and RMB 60 per tonne to clock at RMB 14630 per tonne and RMB 14470 per tonne, respectively.
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