China Aluminum Inventories Grow for 9 Weeks, and Rio Tinto to Cut Output 14 percent at Australian Aluminum Smelter

Published: Mar 6, 2017 09:37

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Inventories of aluminum ingot in China’s five major trading markets climbed above 1 million mt as of March 2, Shanghai Metals Market data show.

SHANGHAI, Mar. 6 (SMM) – Inventories of aluminum ingot in China’s five major trading markets climbed above 1 million mt as of March 2, Shanghai Metals Market data show.

Chinese Aluminum Smelters Register Decent Profits in 2016 on Surging Prices, SMM Reports

The inventories in the five markets, namely Shanghai, Wuxi, Hangzhou, Gongyi, and Nanhai, grew for 9 weeks in a row, and the level of inventories in those regions have been far higher than the level seen the same period of last year, according to SMM data.

In other news, Rio Tinto announced last Friday a 14 percent cut in aluminum production at Gladstone’s Boyne Smelters in Australia. The cut decision was due to a failure to agree a competitive power contract, the company said.

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