SHANGHAI, Sep. 2 (SMM) – Aluminum prices, instead of being dragged down by growing supply in China, have held relatively firm. Where does the support come from?
Aluminum consumption in July and August, which is the traditional off-season, though down from previous months, was actually better than the same period last year, SMM learned. This has offered support to aluminum prices.
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In fact, orders at downstream producers began growing in mid or late August, SMM survey found. The arrival of peak-demand season in September will help ease negative impact on aluminum prices from growing supply, SMM understands.
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Aluminum stocks in China’s five major markets have been growing steadily over the past three weeks due to output release from new and restarted capacity, but total figure is still considered quit low, SMM added.
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