Primary aluminium inventories in China further gain 20,000 tonnes this week on wait-and-watch downstream sentiment
According to the Shanghai Metals Market, social inventories of primary aluminium have built up by 20,000 tonnes week-on-week across eight major consumption areas in China, including SHFE warrants. Data shows inventories have come in at 1.14 million tonnes on March 10 compared to 1.12 million tonnes last Thursday, March 3.
Smelters and traders were in a rush to sell aluminium ingots due to growing aluminium prices, but downstream buyers showed a strong wait-and-watch sentiment.
The chart below indicates the current status of primary aluminium inventories across China in more details:
Primary aluminium inventories have seen the highest growth in Wuxi this week by 16,000 tonnes to stand at 434,000 tonnes, followed by the increase of 8,000 tonnes in Nanhai to stand at 269,000 tonnes, found SMM. In Chongqing, on the other hand, inventories have inched up by only 1,000 tonnes week-on-week to come in at 6,000 tonnes as of March 10, 2022.
Meanwhile, in Gongyi and Shanghai, primary aluminium inventories have recorded a drop of 2,000 tonnes and 1,000 tonnes, respectively, to peg at 181,000 tonnes and 68,000 tonnes. In Hangzhou, Tianjin, and Linyi, inventories have remained restrained at 83,000 tonnes, 78,000 tonnes, and 23,000 tonnes.
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