June 5 News:
According to SMM statistics, as of June 5, the inventory of primary aluminum ingots at major domestic consumption hubs stood at 504,000 mt, a decrease of 15,000 mt from the beginning of the week and a decline of 7,000 mt WoW from Thursday. Following the Dragon Boat Festival holiday, the overall inventory buildup in China remained manageable, and destocking resumed mid-week, highlighting the continued resilience of domestic consumption in early June and the still relatively low supply of aluminum ingots. The inventory buildup during the holiday was particularly pronounced in the Gongyi region, primarily due to a short-term surge in arrivals caused by customers' concentrated shipments at month-end. However, the volume of goods in transit by rail has since returned to the level of the second half of May, slightly alleviating the pressure of arrivals. In the Foshan region, the current situation of weak supply and demand for aluminum ingots persisted, with a slight and stable decline observed after the holiday. In the Wuxi region, there was a minor inventory buildup during the holiday, but it is understood that subsequent shipment plans from aluminum smelters remain relatively low, with arrivals expected to remain tight, and significant destocking was observed mid-week. SMM expects that the overall destocking trend of domestic aluminum ingot inventory will continue, with a potential breakthrough below the 500,000 mt threshold in the near future.
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