China Aluminium Ingot Social Inventory Dropped Slightly and Varied by Region

SHANGHAI, May 9 (SMM) - The aluminium ingot social inventories across China’s eight major markets totalled 1.03 million mt as of May 9, down 3,000 mt from a week ago and 72,000 mt lower than a year ago. Inventory in Gongyi rose 10,000 mt due to arrivals of delayed shipments from Xinjiang and decline in cargo pick-up from local warehouses caused by the holiday factor, and more cargoes may arrive in the future. Inventory declined in Wuxi, where cargo pick-up was normal while arrivals slowed. Inventory in Hangzhou also fell as some warehouses resumed cargo pick-up.  Inventories in Shanghai, Tianjin and Linyi, etc. were basically flat.