MYMETAL: China’s Al retail stocks up another 5% on week
Aug 11, 2020 14:00
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By August 10, China’s primary aluminum ingot stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities climbed up for the second straight week by 5% or 35,000 tonnes on week to 731,000 tonnes, as consumption stays dismal, according to weekly report from Mymetal, Mysteel’s nonferrous metal data collection arm.
The on-week rise, much higher than the on-week rise of 8,000 tonnesin the prior week, and the ongoing pile-up in the stocks had weighedon the country’s spot aluminum prices, and as of August 10, China’s domestic price of the 99.7% aluminum ingot reversed down by Yuan 271/tonne ($38.7/t) on week