September 2011 | Aluminium Weekly Market Tracker
Chinese aluminium market view – 16 September 2011: Chinese scrap imports decrease
The sub-index for China’s new export orders dipped to 48.3 from 50.4 – but this seemed to have little impact on aluminium demand following another week of SHFE inventory drawdown. We expect that this strong demand should translate into increasing imports of primary aluminium as China approaches seasonally stronger Q4.
Last week we saw steady decreases in SHFE spot prices and 3-month price. SHFE spot price dropped 1.8% from Rmb17,845/tonne the previous week to Rmb17,515/tonne last Friday. The market remained in deep backwardation of $290/tonnes.
SHFE aluminium deliverable stocks continued to fall last week, although at a decreasing pace. Further fall in inventories could prove slowing Chinese export demand as shown in the official PMI sub-index in August has not...
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