China’s social inventories of primary aluminium dip over the weekend by 3000 tonnes but Gongyi sees a rise of 10,000 tonnes
As of Monday, May 9, social inventories of primary aluminium dipped over the weekend by 3,000 tonnes but rose week-on-week by 43,000 tonnes, found the Shanghai Metals Market data. Thus, the inventories came in at 1.03 million tonnes across eight major consumption areas, including SHFE warrants.
The chart below indicates the current status of primary aluminium inventories across China in more details:
Except all the Chinese provinces, Gongyi saw an increase of 10,000 tonnes in inventories over the week to 112,000 tonnes owing to the arrivals of delayed shipments from Xinjiang and decline in cargo pick-up from local warehouses caused by the holidays.
In Wuxi, inventories decreased by 6,000 tonnes from that on May 5 to stand at 479,000 tonnes. Cargo pick-up was normal while arrivals were slow. In Hangzhou, primary aluminium inventories dropped by 4,000 tonnes to 59,000 tonnes, while inventories in Nanhai and Chongqing dipped by 2,000 tonnes and 1,000 tonnes, respectively, to come in at 220,000 tonnes and 5,000 tonnes as of May 9.
Meanwhile, in Tianjin, Shanghai, and Linyi, inventories have remained restrained at 80,000 tonnes, 58,000 tonnes, and 17,000 tonnes, respectively.