SHANGHAI, Jun 23 (SMM) - Aluminium ingot inventory: The aluminium ingot social inventories across China’s eight major markets totalled 751,000 mt as of June 23, down 34,000 mt from last Thursday and 172,000 mt from the end of May. This was also 124,000 mt lower than in the same period last year. The inventories in Wuxi and Foshan continued to fall due to dip buying by downstream producers and fewer arrivals. The inventories in Gongyi began to accumulate as a result of increased arrivals and poor downstream purchases. The market shall pay attention to whether downstream orders will increase.
Aluminium billet inventory: The domestic aluminium billet social inventories decreased by 7,400 mt from a week ago to 111,600 mt today. Except for Wuxi, which reported a slight increase in the local inventory, all the other regions saw a decline in the inventories. Some billets were transferred to other warehouses out of risk aversion in the wake of recent aluminium ingot collateral scandal. Meanwhile, downstream restocking picked up after aluminium prices fell back, which also contributed to the destocking process. It is expected that the aluminium billet inventory will extend the downward trend into next week.
