Aluminium Ingot Social Inventory in China Could See Turning Point Soon after Steady Accumulation

SHANGHAI, Mar 9 (SMM) - The aluminium ingot social inventories across China’s eight major markets stood at 1.267 million mt as of March 9, down 2,000 mt from a week ago, but up 122,000 mt from the same period last year. The social inventory remained high. Since the end of February, the inventory build-up has slowed down significantly, and the inventory has basically hovered around 1.27 million mt. Aluminium prices fluctuated rangebound, while downstream demand was recovering slowly.

Aluminium ingot stocks have basically plateaued after continuous accumulation, with eyes on when the destocking process will begin.