MYMETAL: China’s aluminum ingot stocks down on demand
May 27, 2020 11:30
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Primary aluminum stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities under Mymetal’s weekly survey reduced further by 84,000 tonnes or 8.5% on week or 29% on year to 910,000 tonnes as of May 25, as domestic demand from aluminum fabricators and processors had been steady.
Aluminumingot inventories among China’s 84smelters sampled by Mymetal also contracted another 24,000 tonnes on week to 222,000 tonnesas of May 22, a bit slower than the 28,000 tonnes of on-week decline in the prior week.
The continuing declines in aluminumingot lent support to China’s national average price of the 99.7% aluminum