Shanghai Nonferrous Metals News
Domestic aluminium supply has been on the rise over the past two weeks in the wake of new capacity at Shanxi, Sichuan and Yunnan gradually coming online according to schedule, in addition to resumption of previously idled capacities and continual inflow of aluminium imports. A surplus in aluminium supply is likely to weigh on the market over the short-middle term.
According to SMM, social domestic aluminium inventory dropped by 46 kt w-o-w last Thursday, a smaller decline over the past two weeks. In general, with strong expectation of output growth and weakening demand, domestic aluminium prices will be under pressure in the short-middle term.