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Let’s take a look at the development of metal inventories in China today. Especially for aluminum billets it has gone down there by 24% in the past week. And the nickel outlook is still robust and expandable with demand and price development according to analyst opinions.

Stainless Espresso: How are metal inventories developing in China?
Stainless Espresso: How are metal inventories developing in China?

Nickel ore stocks up by 0.97%

Nickel ore stocks at all Chinese ports increased by 54,000 wmt since May 8 to 5.54 million wmt as of May 14. In terms of Ni content, stocks stood at 43,700 mt.

Shanghai bonded refined nickel stocks: down by 6.4%

Refined nickel stocks in Shanghai bonded areas fell by 600 mt from the previous week to stand at 8,700 mt as of May 14.

Primary aluminum inventories: down 5.1%

Primary aluminum inventories in eight consumption areas in China, including SHFE warrants, decreased by 54,000 mt week-on-week to 1.06 million mt as of May 13.

Aluminum billet stocks: down 24%.

Market data showed that 6063 aluminum billet inventories in China’s five major consumption areas fell by 33,900 mt from the previous week to 105,200 mt as of May 13. Trading was active this week as falling aluminum prices encouraged downstream users to replenish their cargoes.

Tied copper inventories in Shanghai: 1.08% higher

Market data showed that inventories rose by 4,300 mt from the previous week to 401,900 mt as of Friday, May 14.

Zinc social stocks: down 3.3%

Market data showed that social stocks of refined zinc ingots in Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei fell by 6,000 mt to 176,300 mt in the week ended May 14. Inventories fell 11,600 mt from Monday, May 10.

Rebar inventories: down 6.6%.

Rebar inventories at Chinese steelmakers and social warehouses totaled 11.1 million mt as of May 13, down 6.6% from the previous week. Inventories were down 6.7% year-on-year.

Hot rolled coil stocks: down 2.18%.

Our data showed that Chinese HRC inventories fell 77,400 mt, or 2.18%, from the previous week to 3.48 million mt in the week ended May 13 at social warehouses and steelmakers. This was a decrease of 27.05% compared to the same period last year.

China’s NPI prices continue to recover on better sentiment

China’s nickel pig iron (NPI) prices continued to recover after the May 1-5 Labor Day holiday, supported by positive sentiment in the domestic market. On May 11, the price of 8-15% grade NPI in east China’s Jiangsu province was 1,100 yuan/mtu ($171/mtu), including delivery and 13% VAT, up another 10 yuan/mtu from the end of April.

Nickel demand remains optimistic

Analysts in Asia believe that the Chinese government’s macroeconomic measures are giving the market a little more control. With demand for nickel remaining robust, analysts believe there are good prospects for rising prices this week.

Source: gerber-steel.com

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