Primary aluminium inventories in China dwindle 23,000 tonnes week-on-week

According to Shanghai Metals Market, social inventories of primary aluminium across eight major consumption areas in China, including SHFE warrants, have extended their downfalls over the week ended on July 4 by 23,000 tonnes to stand at 1.028 million tonnes. A week ago, on June 27, the primary aluminium inventories were at 1.051 tonnes, while on July 1, the inventories were at 1.041 tonne after declining by 10,000 tonnes over the weekend. This indicates that from July 1, today’s inventories have dropped by RMB 13,000 tonnes.

In Wuxi, Jiangsu; Shanghai; and Nanhai, Guangdong; the inventories have dropped week-on-week by some 18,000 tonnes, 1,000 tonnes, 15,000 tonnes, and to stand at 335,000 tonnes, 207,000 tonnes, and 231,000 tonnes, respectively. In Gongyi, Henan; Hangzhou, Zhejiang, and Linyi, Shandong; the inventories have, however, plunged by 6,000 tonnes and 3,000 tonnes to clock at 107,000 tonnes, 63,000, and 10,000 tonnes

The below chart indicates the current status of primary aluminium inventories on July 4 in more details:

The price of A00 aluminium ingot has recorded a hike today by RMB 130 per tonne to RMB 13,760 per tonne, buoyed by the week-on-week decline in social inventories of primary aluminium, found Shanghai Metals Market.

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