Primary aluminium inventories again decline by 35,000 tonnes on weekend and 61,000 tonnes over the week

Shanghai Metals Market found the social inventories of primary aluminium across eight major consumption areas in China, including SHFE warrants, have extended decline over the weekend by 35,000 tonnes and over the week by 61,000 tonnes to stand at 720,000 tonnes, as of Monday, December 2. This further decline in inventories could be attributed to the fair consumption of primary aluminium against slower arrivals of stocks during the winter heating season.

On last Thursday, November 28, the inventories were at 755,000 tonnes after declining by 26,000 tonnes from 781,000 tonnes on Monday, November 25. This represents the fact that the decline in primary aluminium inventories rose on Monday, December 2, from the previous week.

The chart below shows the current status of primary aluminium inventories across China in more details:

Over the weekend, the primary aluminium inventories in Wuxi have slipped by 15,000 tonnes to 218,000 tonnes and that in Shanghai and Nanhai by 2,000 tonnes and 18,000 tonnes to stand at 133,000 tonnes and 197,000 tonnes, respectively. The inventories in Tianjin and Chongqing have also declined by 1,000 tonnes and 3,000 tonnes to 53,000 tonnes and 19,000 tonnes, while that in Hangzhou, Gongyi, and Linyi have grown or remained restrained.

On the relentless decline in inventories, the price of A00 aluminium ingot has further grown today by RMB 60 per tonne to RMB 14,050 per tonne.

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