SHANGHAI, Feb 9 (SMM) –
Aluminium ingot: The aluminium ingot social inventories across China’s eight major markets totalled 1.19 million mt as of February 9, up 143,000 mt from a week ago and 241,000 mt from a year ago. The figure was also up 449,000 mt from pre-CNY level (January 19). The weekly inventory growth has slowed down. When comparing with data in the past years, the inventory accumulation in the second week after this year’s CNY holiday was considered high. With downstream production gradually recovering after the Lantern Festival (February 5), it is expected that the increase in aluminium ingot inventories will slow down in the future.
Aluminium billet: The domestic aluminium billet social inventory stood at 214,400 mt as of February 9, an increase of 5,000 mt from a week ago, but down 8,500 mt from February 6, which could seen as a sign of imminent destocking process. The inventory in Foshan added 5,800 mt on a weekly basis to 109,200 mt amid increased arrivals from south-west China. The price difference between Guangdong and Shanghai was too small to attract shipments from north-west China. The inventory in Wuxi accumulated 1,200 mt to 48,400 mt, while the inventories in other areas have begun to drop. Downstream producers have basically resumed their production, allowing trades in the billet market to pick up. The overall inventory is likely to rise at a slower pace or fall marginally next week.
