MYMETAL: China Al price rebounds on ongoing de-stocking
Nov 26, 2019 17:30
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China’s national average price for 99.7% grade primary aluminum ingot recovered by Yuan 135/tonne ($19.3/t) on week to reach Yuan 14,044/t including 13% VAT as of November 25, according to Mymetal’s latest price report. The prices received a boosted from the steady contraction of aluminum stocks across the country which are now at their lowest level in nearly three years. Mymetal is Mysteel’s publication reporting non-ferrous news and prices.
Stocks of primary ingot with traders in 16 major Chinese cities under Mymetal’s weekly survey shrank by 51,000 tonnes on week to reach 754,000 tonnes as of Monday, the lowest level since February 2, 2017, according to Mymetal’s database.
“The major reason for the constant decline in stocks was not so