SHANGHAI, Jul. 10 (SMM) – Aluminum ingot stocks in China’s five major markets (Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi) rose for two weeks in a row last week and registered the biggest weekly growth in six years.
Total stocks in these five regions increased 20,000 tonnes week-on-week to 1.2 million tonnes as of July 7, SMM statistics showed.
Weakening consumption was the main reason behind the increase, SMM explained.
SMM expects stocks to continue growing, citing weaker consumption and faster new and restarted capacity than closed capacity.
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