MYMETAL: China Al prices jump, stocks contract further
Jun 09, 2020 09:10
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China’s national average price of 99.7% aluminum ingot which Mymetal assesses climbed by a remarkable Yuan 205/tonne ($29/t) on week to Yuan 13,669/t including 13% VAT as of June 8, according to Mymetal’s weekly survey. Mymetal, Mysteel’s nonferrous metal data collection arm, attributed the rise to the fast pace of destocking in the domestic market.
By Monday, stocks of primary aluminum in the warehouses of the Shanghai Futures Exchange (SHFE) and in warehouses in 16 Chinese cities under Mymetal’s weekly stocks survey had declined by 74,000 tonnes or 8.6% on week to 786,000 tonnes, larger than the 5.5% on-week contraction in the prior week.