SHANGHAI, Jun 2 (SMM) - This is a roundup of China's metals weekly inventory as of June 2.
Aluminium ingot inventory: The aluminium ingot social inventories across China’s eight major markets stood at 595,000 mt as of June 1, down 62,000 mt from a week ago and 287,000 mt from a year ago. The destocking was led by south China, where cargo arrivals continued to decline and consumption picked up a little. Arrivals in Wuxi fell as much as 20-30%, driving down local stocks rapidly. Limited arrivals and improved consumption allowed stocks in Gongyi to fall after building up in the previous week.
Aluminium billet inventory: The domestic aluminium billet social inventory stood at 135,100 mt as of June 1, down 6,200 mt from a week ago. Arrivals increased significantly, while transactions failed to catch up. An increasing share of molten aluminium has been made into billets and other intermediate products. The current inventory is still the highest compared to the same period of past three years.
Nickel Inventories in Domestic Bonded Zone up 300 mt from May 26
As of June 2, bonded zone inventory of nickel rose to 4,200 mt, with the inventory of nickel briquettes and nickel plates of 1,670 mt and 2,530 mt respectively. The growing inventory was contributed by the arrival of some spots delivered for long-term orders. Imported pure nickel will arrive at ports intensively from the end of May to early June, which will slightly push up the bonded zone inventory.
