Industry News

SHFE aluminum contract keeps stable, domestic aluminum ingot stock falls

Views : 61
Update time : 2024-12-09 19:22:20
The most-traded aluminum contract on the Shanghai Futures Exchange (SHFE) has stabilized above CNY 20,000/ton since late November, providing buyers with confidence to restock at dips.

SMM statistics showed that China’s domestic aluminum ingot shipments decreased slightly by 1.5% week on week to 130,300 tons. Strong outflows from warehouses and stable shipments from Xinjiang prompted inventory destocking in early December.

As of December 5, 2024, the domestic social inventory of aluminum ingots was 547,000 tons, a decrease of 6,000 tons from the previous week and a year-on-year drop of 42,000 tons. Among them, Gongyi's inventory increased by 9,000 tons, Wuxi's fell by 7,000 tons, and Foshan destocked slightly.

SMM predicted that the backlog in Xinjiang will ease, and shipments from Gongyi and Wuxi may increase, but it is still needed to be wary of pressure from concentrated arrivals although low inventories provide short-term support for aluminum prices.
Related News
Read More >>
India’s Bansal Wire Industries expends stainless steel wire capacity at Uttar Pradesh facility India’s Bansal Wire Industries expends stainless steel wire capacity at Uttar Pradesh facility
Apr .24.2025
India’s Bansal Wire Industries expends stainless steel wire capacity at Uttar Pradesh facility
China’s alumina exports surge in Mar due to domestic oversupply China’s alumina exports surge in Mar due to domestic oversupply
Apr .24.2025
China’s alumina exports surge in Mar due to domestic oversupply
Ferromolybdenum prices rise sharply in China, raising stainless steel costs Ferromolybdenum prices rise sharply in China, raising stainless steel costs
Apr .24.2025
Ferromolybdenum prices rise sharply in China, raising stainless steel costs
Fagersta Stainless upgrades with Danieli’s new stainless steel blooming mill for high-quality products Fagersta Stainless upgrades with Danieli’s new stainless steel blooming mill for high-quality products
Apr .24.2025
Fagersta Stainless upgrades with Danieli’s new stainless steel blooming mill for high-quality products