According to the Shanghai Metals Market, primary aluminium inventories in China witnessed a decrease of 1,000 tonnes week-on-week across eight major consumption areas, including SHFE warrants. Therefore, on Thursday, August 25, the inventories totalled 679,000 tonnes, which in comparison with the month’s third Monday, August 15, shrunk by 19,000 tonnes. As of now, the inventories in August dropped by 75,000 tonnes as recorded in the same period last year, while adding 9,000 tonnes in comparison with July’s end.
The inventory has witnessed stagnancy on a week-on-week basis showing only minor changes along the border of activity. Some of the sources were carried on to Sichuan and Chongqing, following rigid production cuts in these areas. The inventories in Wuxi and Shanghai refrained from showing any change. In fact, the production losses in Sichuan have not been addressed in the spot market yet, while some fabricators have been refused permission to run full operations. Market leaders are going to wait for the change in inventory after the effects of production cuts subside.
Last week, on August 18, primary aluminium inventories fell by 18,000 tonnes from the week before on Thursday across eight major consumption areas to come in at 680,000 tonnes.
The chart below indicates the current status of primary aluminium inventories across China in more detail:
The aluminium ingot inventories witnessed similar escalations of 2,000 tonnes in Wuxi, Hangzhou and Gongyi, where the collections were 200,000 tonnes, 62,000 tonnes and 100,000 tonnes if compared with last Thursday’s data. In Tianjin, Chongqing and Linyi there has been no recorded change, with inventories being stuck at 78,000 tonnes, 6,000 tonnes and 17,000 tonnes.
Meanwhile, primary aluminium inventories in Nanhai plunged by 6,000 tonnes to rest at 179,000 tonnes. The Chinese province, Shanghai also lost 1,000 tonnes week-on-week to come in at 37,000 tonnes.
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