SHANGHAI, Apr 29 (SMM) –Shipments of aluminium billet out of warehouses rose slightly by 1,500 mt on the week to 61,200 mt as high aluminium prices weighed on downstream consumption.
SMM data showed that stocks of 6063 aluminium billet across the five major consumption areas – Foshan, Wuxi, Huzhou, Changzhou and Nanchang – in China dropped 28,700 mt from the previous week to 134,000 mt as of Apr 29. Aluminium prices registered new highs this week, with SMM A00 aluminium ingot price rising to a new high of 18,730 yuan/mt today, but purchasing volume expanded amid rigid demand.
Aluminium billet inventories are expected to increase slightly after the Labour Day holiday.
