Primary aluminium inventory in China witnesses a succeeding dip; A00 ingot price plunges again

According to a Shanghai Metal Market report, an incessant growth in aluminium shipments and a constant rise in consumption in some of the major Chinese markets like Wuxi and Foshan drove a further downfall in primary aluminium inventory on May 14, 2018, to close at 2.15 million tonnes, as against 2.196 million tonnes on Thursday, May 10, 2018. This indicates that the inventory was down 42,000 tonnes from Thursday, May 10, 2018, and 56,000 tonnes from 2.21 tonnes on Monday, May 7, 2018.

Some of the major Chinese cities also witnessed a plunge in inventory, such as in Shanghai, the inventory fell to 452,000 tonnes; in Nanhai, Foshan, and Guangdong, it dipped to 377,000 tonnes and in Gongyi and Henan, it sank to 198,000 tonnes. More details are as follows:

The average A00 aluminium ingot price, on the other hand, according to SMM, also witnessed a downfall today on May 14, 2018, to RMB 14500 per tonne after a rise on the previous day from RMB 14520 per tonne to RMB 14590 per tonne. The prices are expected to range between RMB 14480 per tonne and RMB 14520 per tonne, with spot discounts to settle at RMB 40 per tonne.

The prices in major Chinese markets, such as in East, North, and South, fell from RMB 14580 per tonne to RMB 14485 per tonne and from RMB 14590 per tonne to RMB 14520 per tonne respectively.

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