Aluminum ingot social stocks in China fell

SHANGHAI, Aug 29 (SMM) –

On August 28, 2023, according to SMM statistics, the social inventory of domestic aluminum ingots in major markets in China was 490,000 mt, a decrease of 4,000 mt compared to last Thursday, and a decrease of 192,000 mt compared to a year ago.
The domestic arrival of aluminum ingots is insufficient. As we approach the end of August, the supply and demand situation is weakening again. Domestic inventories saw a slight decrease.
Last week, the most active SHFE aluminum contract maintained a high level of volatility. At the beginning of the week, prices rose sharply and then slightly decreased. The price difference in different regions widened. The weekly withdrawal volume of aluminum ingots was 105,800 mt, a decrease of 15,100 mt WoW. the overall supply and demand situation is weak.
Due to factors such as the rising share of aluminum liquid output, the domestic production of aluminum ingots remains low, resulting in a lower delivery volume and limited social inventory. Over the weekend, aluminum ingot inventories in various regions remained relatively stable with little change.