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MYMETAL: China’s Al prices under pressure as stocks rise


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


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