MYMETAL: China’s Al stocks reverses up on rising prices
Aug 04, 2020 12:00
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By August 3, China’s primary aluminum ingot stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities reversed up 8,000 tonnes on week to 696,000 tonnes, as higher spot aluminum ingot prices led to stock-up at the warehouses, according to weekly report from Mymetal, Mysteel’s nonferrous metal data collection arm.
China’s domestic price of the 99.7% aluminum ingot surgedfor the second week by anotherYuan 289/tonne ($41.3/t) on week to Yuan 14,848/t including 13% VAT as of August 3, or more substantial than the Yuan 91/t on-week gain in the prior week, according to Mymetal’s tracking.
“Domestic ingot demand was rather good