SHANGHAI, Jul. 18 (SMM) –Aluminum ingot stocks in China’s five major markets have reached the highest level in nearly five years, SMM statistics showed.
As of July 14, stocks in Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi totaled 1.25 million tonnes, up 30,000 tonnes on a weekly basis.
Potential Surplus from Aluminum Capacity Cuts to Weigh on Alumina Prices, SMM Warns
Downstream producers showed low buying interest due to falling orders, and impact from production cuts has not been felt, leading to the growth, SMM explained.
NBS: China Aluminum Output Grows Notably in June
Despite cuts in Shandong and Xinjiang, the lost supply will be filled by new legal capacity in Inner Mongolia, Guangxi and Guizhou, etc. Hence, the supply glut will persist, SMM expects.
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