Shanghai Nonferrous Metals News
20th January: Total domestic aluminium inventory at China’s major store houses increased by 21 kt from last Thursday to 651 kt, including 102 kt in Shanghai, 213 kt in Wuxi, 72 kt in Hangzhou, 50 kt in Gongyi, 139 kt in Nanhai, 58 kt in Tianjin, 11 kt in Chongqing and 6 kt in Linyi.
The 651 kt aluminium inventory represents only 50% of the figure for the same period last year. The figure represents a three year low, and is likely to prop aluminium prices in the short term. On the demand side, downstream producers will make large replenishments after the holiday, which will trigger a new round of destocking activities, shoring up aluminium prices in the mid-term.