MYMETAL: China’s Al stocks further up, price down
Jul 22, 2020 14:00
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As of July 20, primary aluminum ingot stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities inched up for the second week by another 1,000 tonnes on week to 698,000 tonnes, suggesting the country’s aluminum demand remained tepid, according to the weekly report of Mymetal, Mysteel’s nonferrous data collection arm.
“Chinese aluminum fabricators and processors had received fewer orders from end-users, so their consumption for aluminum ingots had pared down,”commented amarket insiderfrom East China.
The further mountingin aluminum stocksin the commercial warehouses saw China’s national price of 99.7% aluminum ingot reversedown by a marked Yuan 695/tonne ($99.3/t) on week to Yuan