Global Al Inventories Dropped 28% in August - IAI

LONDON, Sept. 29 -- The Global unwrought aluminum inventories dropped by 28% in August on a yearly basis, according to the International Aluminum Institute (IAI).

    There was a total of 1.23 million mt of unwrought metal stocks in August compared with 1.7 million a year earlier, the IAI said in its monthly report.

    Inventories rose on a monthly basis from 1.17 million mt in July.

    European inventories fell to 472,000 mt from 737,000 mt in August last year.

    Stocks rose by 38,000 mt from July.

    Inventories in Asia, excluding China, North Korea and Tajikistan, were drawn down to 210,000 mt in August from 240,000 mt a year earlier.

    Stocks in Asia fell 3,000 mt from the previous month.

    In North America, aluminum stocks fell to 273,000 mt in August compared with 378,000 in the corresponding month last year, but inventories rose from July by 10,000 mt, the IAI said.

    Total stocks in Latin America stood at 124,000 mt in August compared with 147,000 in August 2008.

    Aluminum inventories in the region rose from 119,000 mt in July.

    Australian and New Zealand inventories ended August at 81,000 mt from 127,000 mt last year. This total was 3,000 mt higher that the previous month.

    Inventories in Africa dropped by 6,000 mt on a yearly basis, bringing total stocks for August to 72,000 mt, level with their July total.

    Three-month aluminum settled at USD 1,791/92/mt in the official session on the London Metal Exchange on Monday compared with USD 1,949/49.50/mt at the start of August.

    (Source: Metal Bulletin)