MYMETAL: China’s Al price jumps up further, stocks down
Apr 28, 2020 12:30
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China’s national average price for 99.7% aluminum ingot surged by another Yuan 353/tonne ($50.4/t) on week to reach Yuan 12,578/t including 13% VAT as of last Friday, mainly thanks to the efforts of domestic smelters to trim production. Lower stocks of primary ingot in retail markets helped, however.
As of April 27, stocks of primary aluminum in the warehouses of the Shanghai Futures Exchange and at sampled traders in 16 major Chinese cities surveyed by Mymetal contracted by another 160,000 tonnes or 11% on week to 1.28 million tonnes, according to Mymetal’s weekly stocks report. The contraction last