June 30 News:[SMM Analysis]
According to SMM statistics, as of June 30, the inventory of aluminum ingots at major domestic consumption hubs stood at 468,000 mt, an increase of 5,000 mt from Thursday last week and 4,000 mt from Monday last week. Due to the overall increase in domestic aluminum ingot supply in late June and the high aluminum prices that suppressed consumption and outflows from warehouses, inventory buildup occurred as expected at month-end. Over the past weekend, major domestic consumption hubs experienced varying degrees of inventory buildup due to concentrated arrivals of different magnitudes. As July approaches, with the expectation of a slight increase in casting ingot production in some provinces, arrivals may continue. Coupled with weak downstream consumption and slow cargo pick-up, SMM expects domestic aluminum ingot inventory to remain stable with a slight increase in the first half of July. Attention should be paid to the continuity of arrivals and inventory buildup to confirm whether the inventory buildup turning point in the off-season has truly arrived.
》View SMM aluminum product quotes, data, and market analysis
》Subscribe to view historical spot prices of SMM metals
