Aluminium billet stocks in China fell back

Due to recent aluminium price drops, some downstream extrusion factories have been stocking up at year-end lows, and their operating rates rose. This boosted aluminium billet demand, reducing inventory pressure this week. As of November 30, 2023, SMM reported a domestic aluminium billet inventory of 93,400 mt, down 2,500 mt from the week's start and 9,500 mt WoW, up 24,400 mt YoY, it remains high for the same period in recent three years. Aluminium billet social inventory has been fluctuating recently, but the overall trend remains downward. SMM expects December's aluminium billet supply-side pressure to further ease, and aluminium billet inventory may maintain a weak de-stocking trend towards the year-end.