SHANGHAI, Jul. 24 (SMM) –Aluminum ingot stocks in China’s five major markets rose at a slower pace after reaching their highest level in almost five years, SMM statistics showed.
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As of July 21, aluminum ingot stocks in Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi, rose 9,000 tonnes week-on-week to 1.26 million tonnes.
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Production cuts in northwest China affected aluminum ingot shipments. A bigger share of aluminum liquid was used locally in Xinjiang to make billet, reducing ingot production. These contributed to inventory slowdown in consumption hubs, SMM explained.
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