According to the data from Shanghai Metal Market, Chinese aluminum inventory fell since Monday from 2.25 million to 2.23 million tons. The inventory on April 26th dropped further to 2.21 million tons. The figure showed 21,000 tons from Monday and 38,000 tons down from April 19th.
Drop in aluminum inventory on April 26th was basically due to the decline in future prices. Then end customers were willing only to put less money on future contract and prefer spot price. Therefore, the inventory started to drop.
The current aluminum price was expected to range by RMB 14,340/ton to RMB 14,380/ton for average in Shanghai Metal Market. The spot discounts will be around RMB 30/ton to RMB 70/ton.
Chinese aluminum inventory drops on falling future price
27 Apr 2018 13:30 reported by Judy Lin
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