Primary aluminium inventories in China further decline by 50,000 tonnes on week
As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, continued to decline this week due to robust demand. Stocks stood at 705,000 tonnes as of Thursday December 5, down by 50,000 tonnes from a week ago.
Primary aluminium inventories dropped 44,000 tonnes in the previous week. The chart below shows the current status of the primary aluminium inventories across China in more details:
Primary aluminium stocks in Wuxi, Shanghai, Nanhai stood at 216,000 tonnes, 130,000 tonnes and 184,000 tonnes on Thursday December 5, down 17,000 tonnes, 5,000 tonnes and 31,000 tonnes from Thursday November 28. But the inventories in Hangzhou, Zhejiang increased by 4,000 tonnes from a week ago to 53,000 tonnes.
Primary aluminium stocks in Gongyi, Tianjin and Linyi remained unchanged at 43,000 tonnes, 53,000, and 5,000 tonnes. Chongqing inventories declined by 1,000 tonnes to 21,000 tonnes.
On Friday, 6 December 2019, A00 aluminium ingot price dropped RMB 60 per tonne and 0.42 per cent after rising for the six days in a row. Aluminium price stood at RMB 14070 per tonne on December 6, from its previous price of RMB 14130 per tonne. The price is expected to move within a range of RMB 14050-14090 per tonne.
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