According to the Shanghai Metals Market, social inventories of primary aluminium have extended decline by 7,000 tonnes this week, ending on Thursday, October 29. The data shows the inventories have decreased across eight major consumption areas in China, including SHFE warrants, to come in at 688,000 tonnes.
Last week, on October 22, primary aluminium inventories fell significantly by 24,000 tonnes week-on-week to stand at 695,000 tonnes.
{alcircleadd}The chart below indicates the current status of primary aluminium inventories across China in more details:
Except in Gongyi and Linyi, the decline in primary aluminium inventories today has touched upon all other major Chinese cities. Wuxi has seen the highest downfall of 11,000 tonnes to 197,000 tonnes, followed by Shanghai, wherein the inventories have reduced by 3,000 tonnes to 108,000 tonnes. In other cities like Nanhai, Hangzhou, Tianjin, and Chongqing, the inventories have shrunk by 1,000 tonnes to come in at 196,000 tonnes, 71,000 tonnes, 44,000 tonnes, and 2,000 tonnes, respectively.
In Gongyi, the inventories have surged by 11,000 tonnes to stand at 65,000 tonnes, as of October 29, while in Linyi, the primary aluminium stocks have remained restrained at 5,000 tonnes, found SMM data.
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