MYMETAL: China’s Al stocks up 1st time since late March
Jul 14, 2020 14:00
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As of July 13, primary aluminum ingot stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities reversed up, ending the declines since late March, growing 15,000 tonnes or 2.2% on week to 697,000 tonnes, as demand from the downstream users had weakened, according to the survye by Mymetal, Mysteel’s nonferrous data collection arm.
“Downstream fabricators and processors are holding more cautious stance in procurement, and they only buy sufficiently for immediate needs,”commented a market insiderfrom East China’s Jiangxi.“On the other hand, domestic aluminum producers have continued to deliver primary aluminum to the market, leading to the pile-up ofstocks at commercial warehouses,”she added.