SHANGHAI, Apr 24 (SMM) - The aluminium ingot social inventories across China’s eight major markets totalled 885,000 mt as of today April 24, down 21,000 mt from last Thursday and 132,000 mt from the same period last year. So far this month, the inventory has dropped by 202,000 mt. The weekly decline has slowed down significantly.
Wuxi led the destocking, but the decline was driven by fewer arrivals rather than an increase in shipments out of local social warehouses. Stocks in south China and Gongyi showed no significant declines.
Aluminium ingot outflows from social warehouses in major markets declined 28,700 mt week-on-week to 128,300 mt in the week ending April 23.
Aluminium billet inventory fell 3,600 mt from last Thursday to 149,000 mt as of today, while outflows from social warehouses declined 3,700 mt on a weekly basis to 41,000 mt in the week ending April 23.
With the Labour Day holiday a week away, downstream buyers may stock up.
