Chinese Aluminium Ingot Market still in Destocking Cycle, with Cumulative Reduction of 64,000 mt in May

SHANGHAI, May 30 (SMM) - The aluminium ingot social inventories across China’s eight major markets totalled 923,000 mt as of May 30, down 14,000 mt from last Thursday. Starting from this week, SMM has included warehouses in Jiaxing City, Zhejiang Province, and Guangdong Gerui Warehouse in our statistics. Since May, the inventory of aluminium ingots has been in a downward trend, with a cumulative drop of  64,000 mt. Wuxi and Foshan led the decline, with brisk trades reported in Wuxi.  Inventory in Nanhai also fell as some cargoes were transferred to other regions, despite modest consumption in the region. Inventory in Gongyi was basically flat with cargoes gradually arriving. Given the production resumption of downstream producers, inventory is unlikely to grow significantly in the future.