SHANGHAI, Nov. 18 (SMM) – Trading inventories in China’s domestic aluminum market are expected to remain high in the coming 5 months, Shanghai Metals Market expected at the annual summit in Shanghai.
“No big drop in aluminum inventories is expected in China’s domestic trading market from November to next March, and high inventories will be continuing pressuring aluminum prices,” SMM aluminum analyst predicted at the summit held on Nov. 12-13.
According to SMM data, spot aluminum stocks s in five major trading regions, including Shanghai, Wuxi, Nanhai, Hangzhou, and Gongyi reached up to 968,000 tonnes last Thursday.
“The impact of production cuts at Chinese aluminum producers should not be overestimated unless large-scale closures, and it is normal to see production cuts or suspension at high-cost production lines, or coming online of low-cost ones,” the analyst noted.
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