SHANGHAI, Aug 11 (SMM) - Aluminium ingot: The aluminium ingot social inventories across China’s eight major markets totalled 693,000 mt as of August 11, up 15,000 mt from last Thursday, but 46,000 mt lower than in the same period last year. The figure was 23,000 mt higher than at the end of July. The inventory of aluminium ingots has been accumulating for three consecutive weeks, with an increase of 23,000 mt so far this month. Except for a slight drop in Wuxi, where the arrivals were limited, inventories rose across all the other regions. Inventories in Foshan and Chongqing added by 3,000 mt and 4,000 mt respectively, and those in Gongyi jumped 16,000 mt due to concentrated arrivals. At present, the downstream demand is weak. The rebound of aluminium prices has further suppressed purchasing sentiment. As such, aluminium ingot inventory may climb further.
Aluminium billet: The domestic aluminium billet social inventory increased by 5,100 mt when compared with last Thursday. This marked five consecutive weeks of growth. Inventory in Foshan rose from 49,100 mt in mid-July to current 81,600 mt, and increased by 2,200 mt or 2.77% on a weekly basis as of today. Given the poor consumption, inventory in Foshan is unlikely to fall. Except for a drop of 1,000 mt in Huzhou, inventory in other areas showed varying degrees of accumulation. Except for rigid demand, downstream purchases were poor amid high aluminium prices. One aluminium smelter cut output in the wake of an accident, but this had little impact on total output. Aluminium billet inventory will probably continue to grow next week.