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.
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.