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MYMETAL: China’s social aluminum stocks reverse down

Stocks of primary aluminum in the warehouses of the Shanghai Futures Exchange and at sampled traders in 16 major Chinese cities contracted by 30,000 tonnes or 1.8% on week to total 1.68 million tonnes as of April 7, according to the weekly report from Mymetal, Mysteel’s nonferrous data collection arm. The decline marked the very first reversal in the steady accumulation of ingots since late December last year.
But the dip was not a harbinger of positive market news, a Shanghai-based market insider explained. Rather than a response to some notable improvement in downstream demand, what propelled retail aluminum stocks lower was the fact that domestic aluminium smelters had scaled down their deliveries for spot sales in view of the worsening market

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