SHANGHAI, Jan 30 (SMM) - SMM data showed that aluminium ingot social inventory across China’s eight major markets totalled 986,000 mt as of January 30, up 242,000 mt from the level seen before the Chinese New Year (CNY) and 52,000 mt from January 28, the first day after the holiday. The figure was 493,000 mt higher than that at the end of last year and added 260,000 mt from the same period last year. As trades stagnated during the CNY holiday while cargoes kept arriving, the inventory saw an accumulation of 189,000 mt from January 19 to January 28. Cargoes continued to arrive over the past couple of days, while withdrawals from warehouses were limited.
The inventory growth during 2023 CNY holiday was in line with expectations and did not exceed the average increase seen in previous CNY holidays.
Considering that there are still cargoes in transit, the inventory looks likely to extend the accumulation cycle.
