MYMETAL: China’s Al stocks shrink further, price up
May 20, 2020 08:50
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Primary aluminum stocks in the warehouses of the Shanghai Futures Exchange and 16 Chinese cities under Mymetal’s weekly survey continued to contract during May 11-18, dipping by 86,000 tonnes or 8% on week to 994,000 tonnes, due to the still robust demand from aluminum fabricators and processors. Mymetal is Mysteel’s nonferrous data collection arm.
In response to the thinning stocks, China’s national average price for 99.7% aluminum ingot as assessed by Mymetal gained by another Yuan 113/tonne ($16/t) on week to Yuan 13,171/t including 13% VAT as of May 18, according to Mymetal’s data.
Other than the strong demand, the domestic market for primary aluminum