MYMETAL: China’s aluminum stocks decline slows to 6%
Jun 16, 2020 13:30
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Primary aluminum stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities declined further over June 8-15, though at a slower pace of 44,000 tonnes or 5.6% on week from the 8.6% on-week contraction in the prior week, mainly due to more imports and fewer orders from overseas customers, according Mymetal’s survey.
As of June 15, primary aluminumstocks at these warehouses totaled742,000 tonnes,still at a nearly six-month lowand continue to lend support to its price, and China’s national average price of 99.7% aluminum ingotstrengthened another Yuan 127/tonne ($18.1/t) on week to Yuan 13,796/t including 13% VAT, according to the tracking of Mymetal,