MYMETAL: China’s Al prices under pressure as stocks rise
Aug 18, 2020 13:40
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By August 17, China’s primary aluminum ingot stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities rose for the third straight week by 2.6% or 19,000 tonnes on week to 750,000 tonnes, as the consumption had stayed in a lull, according to weekly report of Mymetal, Mysteel’s nonferrous metal data collection arm.
Though the 19,000 tonnes on-week gain was smaller than the 35,000 tonnes on-week growth in the prior week, the remaining low demand from its end-users still exerted pressure on prices, and China’s domestic price of the 99.7% aluminum ingot, for example, softened another Yuan 149/tonne ($21.3/t) on week to Yuan