According to the Shanghai Metals Market, China’s social inventories of aluminium ingot further tumbled by 48,000 tonnes over a week across the eight major consumption areas, including SHFE warrants, to halt at 787,000 tonnes as of Thursday, May 11. We see the beginning of May to be sluggish, but inventory downsizing is regaining a rampant pace.
As we saw last week, the inventories only suffered a fall of 18,000 tonnes, but compared to the previous year, it fell by 216,000 tonnes. SMM claims that the inventories are the shallowest in the last five years, setting a record. Almost all regions in China have seen a decrease in stock, with some having a faster reduction rate. The future seems quite bright, as steady trade means a flourishing economy.
When tallied with this Monday, May 8, the aluminium inventories slipped by 29,000 tonnes, taking away another 19,000 tonnes within three days.
Below lays the present status of aluminium inventories in China:
The eight central provinces in China all witnessed declining inventories on May 11, Thursday, with the stock staying as it is in Hangzhou, at 58,000 tonnes. The highest dive was marked at Wuxi, where the inventories stopped at 212,000 tonnes, dipping 31,000. Gongyi experienced a plunge of 8,000 tonnes, officially resting at 173,000 tonnes.
In Shanghai and Nanhai, the aluminium inventories floated down 3,000 tonnes to stop at 53,000 tonnes and 183,000 tonnes, respectively. The aluminium inventories in Tianjin, Chongqing and Linyi all lost 1,000 tonnes, closing at 70,000 tonnes, 13,000 tonnes and 25,000 tonnes.
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