SHANGHAI, Jun. 2 (SMM) –Aluminum ingot stocks in China’s five major markets (Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi) increased 23,000 tonnes on a weekly basis and will remain at current highs for the foreseeable future, SMM predicts.
Goods kept arriving during the Dragon Boat Festival, while downstream purchases came to a virtual halt during the holiday, causing stocks to grow, SMM explained.
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Aluminum ingot output in northwest China will remain stable in the short term, while consumption of intermediate products, such as rod, billet, and finished products, has shown signs of weakening.
Release of new and restarted capacity has added to market supply.
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As such, overall stocks will stay high.
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