SHANGHAI, Aug. 10 (SMM) – Despite massive aluminum production cuts in China in July, the country’s aluminum supply is still in a surplus, SMM finds.
Output cuts outpaced new capacity. Moreover, aluminum is needed for commissioning of new aluminum capacity. As such, market is beginning to feel the decline in aluminum ingot and liquid supply. That said, domestic market is still in oversupply, given poor downstream consumption.
As of August 7, aluminum ingot stocks in domestic five major markets totaled 1.33 million tonnes, up 116,000 tonnes from early July, SMM statistics showed.
The oversupply will persist and aluminum stocks will continue growing, SMM predicts.
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