Climbing inventories pressure China aluminium price

Increasing aluminium inventories pressured China's aluminium price amid, generally, uninterrupted production from aluminium smelters and declining downstream demand as a result of the novel coronavirus (2019-nCoV) outbreak, several sources told Fastmarkets on Monday February 17.

The aluminium price on the Shanghai Futures Exchange fell to 13,570 yuan ($1,943) per tonne on Monday February 17, down by 1,130 yuan per tonne or 7.8% from this year's peak at 14,700 yuan per tonne on January 15.
"Market participants are concerned by the increasing SHFE aluminium inventory, which has led to a falling SHFE aluminium price," an aluminium ingot analyst in Shanghai said.
SHFE aluminium stocks increased by 11.9% to 338,848 tonnes on Friday February 14 from the week prior - up over 80% since the start of the year.

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