According to the Shanghai Metals Market, social inventories of primary aluminium across eight major Chinese consumption areas have fallen this week by 5,000 tonnes after recording hikes for the past three consecutive weeks. SMM data shows the inventories have come in at 749,000 tonnes as of September 2, compared to 753,000 tonnes last week.
The chart below indicates the current status of primary aluminium inventories across China in more detail:
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Wuxi, Gongyi, and Shanghai have contributed most of the decline as inventories there have decreased by 10,000 tonnes, 6,000 tonnes, and 2,000 tonnes, respectively. Therefore, the inventory in Wuxi has come in at 235,000 tonnes, Gongyi 63,000 tonnes, and Shanghai 71,000 tonnes.
Meanwhile, inventory in Nanhai has grown due to poor demand by 11,000 tonnes to stand at 212,000 tonnes. In Hangzhou and Tianjin, inventories have inched up by 1,000 tonnes to 84,000 tonnes and 66,000 tonnes, while that in Chongqing and Linyi have remained restrained at 4,000 tonnes and 14,000 tonnes, respectively.
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