MYMETAL: China’s Al stocks at low on positive outlook
Sep 01, 2020 14:30
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As of September 7, total stocks of primary aluminum ingot in the warehouses of the Shanghai Futures Exchange (SHFE) and in 16 Chinese cities were slightly higher on week at 755,000 tonnes, 6,000 tonnes up on the previous week, according to the weekly report from Mymetal, Mysteel’s nonferrous metal data collection arm. Nonetheless, stocks remained at a rather low level, survey respondents noted.
“Although domestic aluminum producers have been beefing up production or commissioning new capacity, retail stocks of the ingots were actually low as overall market transactions were improved recently,” commented a Beijing-based market source, noting that traders tended to buy more ingots and downstream fabricators and processors were also inclined to