Primary aluminium inventories increase by 6,000 tonnes W-o-W, following a decline last Thursday

According to the Shanghai Metals Market, the social inventories of primary aluminium have gained 6,000 tonnes over the week ending Thursday, September 3. The stocks have increased across eight major consumption areas in China, including SHFE warrants, to stand at 761,000 tonnes compared to 755,000 tonnes on last Thursday, August 27. Last week, the inventories had declined by 7,000 tonnes week-on-week.

The chart below indicates the current status of primary aluminium inventories across China in more details:

As the above chart suggests, Gongyi has seen the highest increase of 29,000 tonnes in primary aluminium inventories to stand at 82,000 tonnes, followed by a rise of 8,000 tonnes in Shanghai to hover at 120,000 tonnes. The inventories in Chongqing have come in at 3,000 tonnes rising by 1,000 tonnes over the week.

In other Chinese cities, on the other hand, like in Hangzhou and Nanhai, the inventories have decreased by 17,000 tonnes and 10,000 tonnes to come in at 81,000 tonnes and 175,000 tonnes, respectively. In Tianjin and Linyi, the primary aluminium stocks have plunged by 2,000 tonnes and 1,000 tonnes to, respectively, stand at 53,000 tonnes and 6,000 tonnes.

Despite the hike in primary aluminium inventories, A00 aluminium ingot price has recorded an increase of RMB 20 per tonne to stand at RMB 14,540 per tonne, as of Thursday, September 3, found SMM data.

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