Primary aluminium inventories in China witness a steep rise to 957,000 tonnes this week
According to the Shanghai Metals Market, China’s social inventories of primary aluminium have sharply grown by 70,000 tonnes across eight major consumption areas, including SHFE warrants, to come in at 957,000 tonnes on Thursday, October 21. This drastic growth is caused by higher arrivals of stocks at warehouses amid sluggish demand.
Last week on October 14, China’s primary aluminium inventories stood at 887,000 tonnes by gaining 25,000 tonnes week-on-week.
The chart below indicates the current status of primary aluminium inventories across China in more detail:
Among all the major Chinese cities, Wuxi has seen the highest growth of 28,000 tonnes week-on-week to stand at 324,000 tonnes, followed by the increase of 17,000 tonnes in Shanghai to peg at 96,000 tonnes. In Nanhai and Gongyi, primary aluminium inventories have closed at 280,000 tonnes and 84,000 tonnes, respectively, by gaining 12,000 tonnes in a week.
In Hangzhou, primary aluminium inventories have inched up by only 1,000 tonnes to settle at 85,000 tonnes, while the inventories in Tianjin, Linyi, and Chongqing have remained restrained at 70,000 tonnes, 15,000 tonnes, and 3,000 tonnes, respectively.
True to its reputation as a technology and innovation-driven company, Sohar Aluminium is harnessing the transformational potential of Industry 4.0 in its quest to position itself as the ‘Smelter of the Future’.
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