Aluminium Ingot Inventory across China Maintains Downward Trend

SHANGHAI, Apr 6 (SMM) - The aluminium ingot social inventories across China’s eight major markets totalled 1.04 million mt as of April 6, down 50,000 mt from a week ago and 28,000 mt from this Monday April 3. The figure was also 30,000 mt below the same period last year. Spot discounts shrank this week thanks to upcoming delivery of SHFE 2304 contract and falling supply in the spot market. Transactions were more active among traders, while downstream producers mostly restocked as needed. The orders received by downstream enterprises are recovering, albeit at a slow pace. Aluminium ingot stocks are on track to extend declines this month. Aluminium ingot arrivals in east China’s Wuxi have fallen since late March due to growing share of molten aluminium output and increased shipments of ingots to other regions. The maintenance of Lanzhou-Xinjiang railway has not yet had a significant impact on ingot arrivals in major markets for the time being.