Shanghai Nonferrous Metals News
SMM: As of 16th March, domestic aluminium inventory reached 1.63 mln t. During the CNY holiday period (23rd January~2nd February 2020), domestic aluminium inventory climbed by 10 kt y-o-y to 194 kt. Domestic primary aluminium inventory has been building since then, growing by 747 kt from 884 kt on 2nd February to date.
Mounting inventory can be attributed to slow resumptions and weak downstream demand in conjunction with rising supply. The glut of primary aluminium supply is unlikely to ease in the short-term, despite slower growth momentum. SMM forecast domestic aluminium inventory will continue to build during March on rising supply and weak downstream consumption.