Sluggish downstream restocking leads to a marginal rise in China’s aluminium billet inventories this week; Future recovery looks prominent
According to the Shanghai Metals Market, aluminium billet inventories have grown marginally by 500 tonnes week-on-week across five major consumption areas to stand at 157,500 tonnes as of Thursday, September 30. Among all the major Chinese cities, Nanhai has contributed maximum to the growth in inventories this week, found SMM.
The downstream restocking was sluggish amid high aluminium prices and power rationing, resulting in slow inventory rise. However, post-holiday, the recovery is expected to be worthy of attention.
The chart below indicates the current status of aluminium billet inventories across China in more detail:
In Nanchang, aluminium billet inventories have climbed by 2,000 tonnes to stand at 20,500 tonnes on September 30, while the stocks in Foshan and Changzhou have inched by only 1,000 tonnes and 600 tonnes, respectively, to come in at 85,400 tonnes and 16,500 tonnes.
In Huzhou and Wuxi, on the other hand, inventories have recorded a downfall of 2,000 tonnes of 1,200 tonnes to stand at 13,000 tonnes and 22,080 tonnes, found SMM.
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