Primary aluminium inventory collects 3,000 tonnes this weekend, led by stock arrivals in Wuxi & Hangzhou
Social inventories of primary aluminium in China have witnessed a slight rise of 3,000 tonnes over the weekend across eight major consumption areas, including SHFE warrants. Shanghai Metals Market data shows the inventories have totalled 683,000 tonnes as of August 22, compared to 680,000 tonnes on Thursday, August 18.
Last week, on Thursday, primary aluminium inventories slipped sharply by 13,000 tonnes week-on-week and 18,000 tonnes from Monday, August 15, to clock at 680,000 tonnes.
Cargo outflows from warehouses increased by 7,300 tonnes week-on-week, but inventories were offset by the arrivals of stocks in Wuxi and Hangzhou. Change in inventories in each Chinese province is further detailed in the chart below:
Primary aluminium inventories in Wuxi and Hangzhou have accumulated 2,000 tonnes each to stand at 200,000 tonnes and 62,000 tonnes as of August 22, while inventories in Gongyi have dipped by 1,000 tonnes over the weekend to settle at 97,000 tonnes.
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However, in other provinces, primary aluminium inventories have remained muted. In Shanghai and Nanhai, inventories have remained restrained at 38,000 tonnes and 185,000 tonnes, and that in Tianjin, Chongqing, and Linyi are still standing at 78,000 tonnes, 6,000 tonnes, and 17,000 tonnes, respectively.
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