SHANGHAI, Jan 28 (SMM) –  The aluminium ingot social inventories across China’s eight major markets stood at 929,000 mt as of January 28, the first day after the week-long Chinese New Year (CNY), an increase of 185,000 mt from pre-CNY level and from a year ago. The figure was also 61,000 mt higher than the level on February 7, 2022, which is the first day after the 2022 CNY holiday. The increase of 185,000 mt or 24.9% was in line with SMM's previous forecast. Gongyi, Wuxi and Nanhai saw concentrated arrivals, and there are still aluminium ingots currently in transit that will arrive soon. SMM predicts that the social inventory will extend the seasonal accumulation cycle and climb further to around 980,000 mt next Monday.