SMM

SHANGHAI, May 8 (SMM) – The aluminium ingot social inventories across China’s eight major markets stood at 816,000 mt as of May 8, down 19,000 mt from last Thursday and 214,000 mt from the same period last year. The inventory of aluminum ingots has been in a downward trend as smelters raised their share of molten aluminum output while reducing that of ingots. In contrast, aluminum billet inventory has increased since after the Labour Day holiday and stood at 168,000 mt as of May 8, an increase of 26,000 mt from the end of April, which is at the highest level in the same period in the past three years. Aluminum ingot inventory in south China increased slightly due to rising shipments to this region, while that in Wuxi fell due to limited arrivals and will continue to fall. Aluminum ingot inventory in Gongyi fell only slightly as downstream demand was weak.  Factors to watch: downstream orders and aluminum ingot shipments