SMM Weekly Updates On China Aluminum Ingot Social Inventory As Of September 14

SHANGHAI, Sep 15 (SMM) – On September 14, 2023, SMM data showed that China's aluminum ingot social inventory stood at 519,000 mt, 5,000 mt less than September 11, but up 2,000 mt WoW. The inventory fell by 156,000 mt YoY, hitting a five-year low for the period. By mid-September, changes in aluminum ingot inventory were minor, generally stable with a slight decrease. In the week ending September 14, the aluminum ingot outflow performed well, incoming pace slowed. The Wuxi region in East China, unaffected by the expanded price difference prompting inter-regional circulation of aluminum ingots, significantly relieved arrival pressure, making Wuxi main force in China's de-stocking. Inventory in South China's Foshan region remained stable, with aluminum ingot inventory unchanged from September 11. Shipments to Gongyi were temporarily suspended due to massive ingot piling up at local railway station. The shipments to this region have now recovered, but it takes time for cargoes to arrive. In the future, inventory pressure in Gongyi may rise again. SMM will closely monitor domestic supply direction in the later period and changes in aluminum supply and demand.