China¡¯s aluminium inventory records largest week-on-week decline: A00 ingot price dips again

Aluminium inventory had been plunging over a week but Thursday, May 17 broke all the record of the year 2018, as it witnessed the largest week-on-week decline. According to Shanghai Metal Market, China’s inventory of primary aluminium, including SHFE warrants, fell 58,000 tonnes to stand at 2.138 million tonnes on May 17, while on May 14; the inventory was at 2.15 million tonnes, dipped right from 2.196 million tonnes on Thursday, May 10, 2018.

Most of the major Chinese cities had also witnessed a shrink in the inventories, with relatively low deliveries and stable shipments. This indicates there’s a balance maintained between production, deliveries and consumption all across the major cities in China.

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However, against this positive sentiment in the market, the average A00 aluminium ingot price dipped today on May 18, 2018, to RMB 14650 per tonne, after a rise in last three days in a row. Today, the prices are expected to range between RMB 14630 per tonne and RMB 14670 per tonne, with spot discounts to settle at RMB 100 to RMB 60 per tonne.

While in east, the A00 ingot price shrank to RMB 14635 per tonne from RMB 14730 per tonne, in South and North, the prices plunged to RMB 14660 per tonne from RMB 14750 per tonne and RMB 14650 per tonne from RMB 14725 per tonne respectively.

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