SHANGHAI, Jun. 19 (SMM) – Aluminum ingot stocks in China’s five major markets, which had been growing steadily, unexpectedly dropped 2,000 tonnes on a weekly basis last week.
SMM sees the decline as temporary and expects stocks to return to growth soon.
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Low costs and high profit are incentivizing new and restarted capacity. SMM statistics showed aluminum capacity in operation nationwide has exceeded 38 million tonnes in June.
Downstream consumption will soften in July and August due to the traditional off-season.
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As of June 16, aluminum ingot stocks in Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi totaled 1.21 million tonnes.
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