Aluminium Ingot Social Inventory Fell 24,000 mt as of May 23

SHANGHAI, May 23 (SMM) - The aluminium ingot social inventories across China’s eight major markets totalled 941,000 mt as of May 23, down 24,000 mt from last Thursday and 21,000 mt from the end of April. Aluminium inventories have continued to decline since May. In terms of regions, Wuxi and Gongyi contributed most of the decline. Due to low arrivals and normal shipments out of warehouses, inventories continued to decline. In the Hangzhou area, the inventory increased slightly by 4,000 mt. Inventory in Tianjin was little changed as pandemic control hindered inflows and outflows. Total inventory will continue to fall due to low arrivals in Henan and Wuxi. Downstream purchases declined after aluminium prices returned to around 21,000 yuan/mt, and spot discounts showed signs of widening slightly.