Aluminium Inventory Decline Slowed down, Some Areas Saw Inventory Accumulation

SHANGHAI, Jun 27 (SMM) – The aluminium ingot social inventories across China’s eight major markets totalled 746,000 mt as of June 27, down 4,000 mt from last Thursday and 176,000 mt from the end of May. The destocking of aluminium ingots slowed down significantly. The decline was still led by Wuxi and Foshan. The outflows from warehouses in Wuxi decreased by 20,000 mt as the impact of the collateral scandal has subsided and as spot trades weakened. The inventory in Gongyi rose due to growing arrivals and poor downstream purchases. SMM will keep a close eye on whether downstream purchasing sentiment will improve.