SHANGHAI, Jul. 24 (SMM) –Aluminum ingot stocks in China’s five major markets rose at a slower pace after reaching their highest level in almost five years, SMM statistics showed.
As of July 21, aluminum ingot stocks in Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi, rose 9,000 tonnes week-on-week to 1.26 million tonnes.
Production cuts in northwest China affected aluminum ingot shipments. A bigger share of aluminum liquid was used locally in Xinjiang to make billet, reducing ingot production. These contributed to inventory slowdown in consumption hubs, SMM explained.
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