Japanese port inventory of primary aluminium ingot inventory decreased to less than 300,000 tonnes at end of April for the first time in 5 months when the stock dropped significantly for 2 months in a row due to surging export to China. The inventory decreased by 42,000 tonnes or 12.5% to 292,000 tonnes from March end, according to trading firm source. The inventory decrease trend could end due to less appetite by Chinese buyers.
The stock decreased by 13.1% to 142,000 tonnes at Yokohama port and by 16.2% to 137,000 tonnes at Nagoya port in April from March while the inventory increased by 8.3% to 13,000 tonnes in Osaka. The buyers of light metal rerollers and trading firms try to reduce the inventory by reducing the new purchase in April-June under very slow domestic demand. Some buyers export the ingot to China in order to reduce the inventory and to take chance for arbitrage when Chinese aluminium market in Shanghai surges under tight supply. Chinese buyers try to secure the cheaper materials from offshore market including Japan when the market price in China was much higher than international level. However, Chinese buyers are now reluctant to purchase offshore metal recently after they secured certain materials by end of April, according to trading firm source. The move is apparently due to less tight Chinese supply when Chinese aluminium smelters increase the production from the bottom while the metal price decreased by 10% or around 1,500 yuan per tonne in the month at Shanghai Future Exchange.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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