SHANGHAI, May 15 (SMM) - The aluminium ingot social inventories across China’s eight major markets stood at 740,000 mt as of May 15, down 47,000 mt from last Thursday and 244,000 mt from the same period last year. Aluminium ingot inventory is still at the lowest level compared with the same period of the past five years. Aluminium smelters lowered the share of ingots in their total output this year. Stocks in south China declined due to fewer arrivals and improved purchases after premiums and aluminium prices fell back. Stocks in Wuxi will extend declines amid limited arrivals. Slightly falling arrivals and improving consumption drove down stocks in Gongyi.
Judging from the ingots in transit and smelters’ product portfolio, aluminium ingot inventory is expected to remain at a low level in the near future. That being said, aluminium ingot inventory will present less significance for reference as the proportion of non-ingot output at smelters is on the rise.
Aluminium billet inventory kept rising since after the Labour Day holiday, but dropped 5,900 mt from last Thursday to 168,000 mt as of May 15. However, the figure was up 20,000 mt from the same period last year and was at the highest level compared with the same period of the past three years.
