SHANGHAI, Oct 17 (SMM) - The aluminium ingot social inventories across China’s eight major markets totalled 664,000 mt as of October 17, up 9,000 mt from last Thursday October 13, but 264,000 mt lower than in the same period last year. The overall social inventory began to rise this week, with Shanghai, Wuxi, and Gongyi being the major contributors. Last week, downstream buyers showed low willingness to purchase. The outflows from warehouses in the major markets were about 126,000 mt last week, down 20,000 mt from the weekly average outflows in September. The resumption of transportation in Gongyi will be delayed from October 16 to October 19, hence arrivals in the region remained limited. Wuxi and Hangzhou also saw delayed arrivals as the truck transportation was hampered by the pandemic outbreak. It is expected that the overall arrivals will remain low this week, thus the inventory accumulation will be limited.
