Primary aluminium inventories remain unchanged over the weekend; A00 aluminium ingot price drops

Shanghai Metals Market showed social inventories of primary aluminium today, on January 6, barely changed over the weekend in China, continuing to remain at 610,000 tonnes. Last Thursday, January 2, the inventories increased to 610,000 tonnes after rising by 18,000 tonnes week-on-week, which indicate the facts that the inventories are likely to reverse the months-long decline to trend higher.

In some cities of China, the inventories rose today, while in some decreased. For instance, in Wuxi, Nanhai, and Chongqing, the inventories inched up by 6,000 tonnes, 3,000 tonnes, and 1,000 tonnes respectively to stand at 190,000 tonnes, 131,000 tonnes, and 14,000 tonnes. In Shanghai, Gongyi, Hangzhou, and Tianjin, the inventories dropped by 5,000 tonnes, 2,000 tonnes, and 1,000 tonnes to come in at 109,000 tonnes, 53,000 tonnes, 51,000 tonnes, and 56,000 tonnes, respectively.

Given to the indication of inventories trending higher after the months-long decline, the A00 aluminium ingot price dropped today, on January 6, by RMB 20 per tonne to RMB 14,540 per tonne, found Shanghai Metals Market. The average prices are expected to range between RMB 14,520 per tonne and RMB 14,560 per tonnes, with spot contract to be traded at a premium price of RMB 100-140 per tonne.

Among all the Chinese cities, Foshan saw the highest decline of RMB 100 per tonne to RMB 14,650 per tonne, followed by Chongqing and Linyi, where the ingot price inched down by RMB 30 per tonne to RMB 14,530 per tonne and RMB 14,500 per tonne, respectively. In Shenyang and Gongyi, on the other hand, the aluminium ingot price rose by RMB 10 per tonne and RMB 5 per tonne to hover at RMB 14,525 per tonne and RMB 14,385 per tonne.