SHANGHAI, Feb 27 (SMM) - The aluminium ingot social inventories across China’s eight major markets stood at 1.27 million mt as of February 27, up 20,000 mt from last Thursday and 282,000 mt from the end of January. The figure was also 151,000 mt higher than the same period last year. Since January 19, the second day before the Chinese New Year (CNY) holiday, the social inventory has added 524,000 mt. The inventory growth has slowed down. About 60% of the total inventory accumulation came from Gongyi, where enormous cargoes arrived. Aluminium prices fell on Monday, but this barely boosted buying. The aluminium ingot social inventories will remain at a high level in the near term.
Aluminium billet inventory stood at 167,100 mt on February 27, a decrease of 13,900 mt from last Thursday.
Aluminium ingot outflows from warehouses in major markets declined 9,900 mt week-on-week to 134,200 mt last week. Aluminium billet outflows from warehouses in major markets declined 2,600 mt week-on-week to 65,000 mt last week.
