According to the Shanghai Metals Market data, China’s social inventories of primary aluminium have extended W-o-W growth but at a slower rate than the previous week. SMM data shows the inventories have amounted to 1.22 million tonnes across eight major consumption areas, including SHFE warrants, registering an increase of 26,000 tonnes than a week ago and 177,000 tonnes a year earlier. It is to be noted here that comparing the inventory with Monday, February 13, it has dipped by 2,000 tonnes.
Going ahead, China’s primary aluminium inventories are expected to see mild growth considering Yunnan aluminium smelters are still at risk of production cuts due to power shortages.
To know the current status of the primary aluminium inventories across China in more detail, refer to the chart below:
Among all the major Chinese consumption areas, Nanhai and Wuxi have seen a stupendous growth of 19,000 tonnes and 18,000 tonnes, respectively, to settle at 303,000 tonnes and 414,000 tonnes, as of February 16, found SMM. In Shanghai, inventories have grown by 2,000 tonnes over the week to peg at 50,000 tonnes, while that in Tianjin and Linyi have remained restrained at 77,000 tonnes and 28,000 tonnes, respectively.
Meanwhile, in Gongyi and Hangzhou, primary aluminium inventories have declined by 7,000 tonnes and 5,000 tonnes W-o-W to come in at 254,000 tonnes and 79,000 tonnes as of February 16, and that in Chongqing has inched down by 1,000 tones to 11,000 tonnes, learned SMM.
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