According to the Shanghai Metals Market, social inventories of primary aluminium in China decreased by 42,000 tones week-on-week across eight major consumption areas, including SHFE warrants, to come in at 942,000 tonnes as of Monday, May 23. Compared to last Thursday, May 19, primary aluminium inventories declined by 23,000 tonnes and from the end of April shrank by 21,000 tonnes. Low arrivals of stocks and normal shipments out of warehouses caused the decline in inventories.
The chart below indicates the current status of primary aluminium inventories across China in more details:
In terms of region, Wuxi and Gongyi contributed most of the decline on Monday, May 23. In Wuxi, inventories plunged by 14,000 tonnes from Thursday and 28,000 tonnes from last Monday to stand at 427,000 tonnes, while inventories in Gongyi slid 10,000 tonnes from May 19 and 22,000 tonnes from May 16 to hover around 75,000 tonnes. In Chongqing, primary aluminium inventories dipped only 1,000 tonnes over the weekend to settle at 5,000 tonnes.
On the other hand, in Hangzhou, primary aluminium inventories gained 2,000 tonnes over the weekend to settle at 59,000 tonnes. In provinces like Shanghai, Nanhai, Tianjin, and Linyi, primary aluminium inventories remained unchanged from Thursday at 57,000 tonnes, 222,000 tonnes, 80,000 tonnes and 17,000 tonnes, respectively.