SMM Weekly Updates On China Aluminium Ingot Stocks As Of August 24

SHANGHAI, Aug 25 (SMM) – Aluminium ingot: As of August 24, 2023, SMM reported that China's aluminium ingot inventory stood at 494,000 mt, up by 4,000 mt from the previous week and down by 185,000 mt YoY, marking a five-year low. Toward month-end, increased aluminium ingot production in areas like Yunnan boosted nationwide supply. Yet, market fear of high prices led to average sales. Except in Wuxi, major domestic consumer regions saw an inventory rise, with a steady-to-slight increase trend recently. Foshan had the most significant inventory rise, while Shanghai, Hangzhou, and Tianjin saw minor increases. Gongyi's inventory fluctuated, but Wuxi maintained a rapid inventory decrease. SMM research indicates that the increased arrivals mainly came from Yunnan and parts of Guangxi. In Wuxi, after a weekend surge, midweek arrivals stabilised, resulting in a continued tight supply. Gongyi saw significant midweek inventory fluctuations. SMM will continue to monitor the direction of future supply and changes in aluminium supply-demand dynamics.