SMM Updates On China Aluminium Ingot Inventories As of Aug 7

SHANGHAI, Aug 8 (SMM) –

On August 7, 2023, the aluminium ingot social inventories across China’s eight major markets stood at 517,000 mt, a decrease of 8,000 mt from the inventory of last Thursday, dropping 170,000 mt YoY and at the lowest level in the same period in the past five years, according to the data from SMM. The arrival of domestic aluminum ingots were slightly replenished last weekend. The main reason for the continuous reduction of domestic aluminum ingot stocks is limited arrivals. Last week, the most-traded SHFE aluminum contract fluctuated at a high level. Under the cautious state of the market transactions, the overall pick-up from warehouses declined. The survey by SMM showed that the weekly pick-up of aluminum ingots from social warehouses was 119,100 mt last week, a decrease of 9,600 mt WoW. And according to SMM research, entering mid-August, the concentrated arrival of aluminum ingot may lead to the risk of the accumulated inventory. SMM will pay close attention to the downstream orders and inventory situation on the demand side, as well as its impact on aluminum ingot pick-up from warehouses in August.