Primary aluminium inventories in China shed 58,000 tonnes to stand below 1 million tonnes: SMM
Primary aluminium inventories have continued to decline to stand below 1 million tonnes. According to the Shanghai Metals Market, social inventories of primary aluminium have decreased by 58,000 tonnes or 5.69 per cent across eight major consumption areas in China, including SHFE warrants, to come in at 962,000 tonnes as of Thursday, May 27.
Last week on May 20, primary aluminium inventories stood at 1.02 million tonnes, losing 41,000 stocks across China, showed SMM.
The chart below indicates the current status of primary aluminium inventories across China in more details:
Wuxi has seen the highest plunge in primary aluminium inventories today of 25,000 tonnes to come in at 386,000 tonnes, followed by the decrease of 24,000 tonnes in Gongyi to 75,000 tonnes. In Hangzhou and Nanhai, primary aluminium inventories have reduced by 5,000 tonnes and 4,000 tonnes, respectively, to peg at 90,000 tonnes and 238,000 tonnes, while stocks in Chongqing have inched down by 1,000 tonnes to stand at 5,000 tonnes.
Meanwhile, in Tianjin, primary aluminium inventories have gained 1,000 tonnes to come in at 60,000 tonnes, while inventories in Shanghai and Linyi have remained restrained at 94,000 tonnes and 14,000 tonnes, respectively.
LME aluminium price inched up 0.80% to close at US$2359.50/t; SHFE price grew to US$2878/t
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