Chinese aluminum scrap consumers see decreasing inventories
2023-03-23 12:05:18 [Print]
BEIJING (Asian Metal) 23 Mar 23 - This week, the cast aluminum scrap market sees tight supply again and the inventory of consumers decreases. On Wednesday, mainstream prices for Chinese aluminum foundry scrap Al 93%min stood at RMB15,300-15,500/t (USD2,238-2,267/t) Ex-VAT delivered D/P, the same as Tuesday. Insiders said that suppliers hold back from selling at present because of the short supply of cast aluminum scrap, so prices for Chinese cast aluminum scrap would keep firm in the coming week.
A consumer in East China revealed that the supply of cast aluminum scrap kept tight in the past week, and their inventory of aluminum scrap decreases from about 1,600t in early March to current about 1,200t. "On Wednesday, suppliers offered us RMB15,000/t (USD2,194/t) Ex-VAT delivered D/P for aluminum foundry scrap Al 93%min (containing oil) and refused concessions, unchanged from Tuesday. We failed to close deals today while last purchased 64t at RMB15,000/t (USD2,194/t) Ex-VAT delivered D/P four days ago," the source said, adding that cast aluminum scrap suppliers hold back from selling and have strong intention to firm their prices at present, so prices for Chinese cast aluminum scrap might keep firm in the following week.
With an annual consumption capacity of 150,000t, the company used about 41,000t in 2022 and expects to use about 4,400t in March, compared with about 3,850t in February. They hold about 1,200t of stocks now.
Another consumer in East China reported that they saw the tight supply of cast aluminum scrap again from mid-March, and they hold about 1,500t of stocks now, compared with about 2,000t in early March. "On Wednesday, a supplier offered us RMB16,600/t (USD2,428/t) In-VAT EXW D/P for 7XXX composite ingot and refused counteroffers, in line with Tuesday. We didn't purchase today while purchased 500t at RMB16,600/t (USD2,428/t) In-VAT EXW D/P on Tuesday," the source said, adding that the supply of cast aluminum scrap is tight at the moment, so the price of the material in China might keep firm in the week to come.
With an annual consumption capacity of 100,000t, the consumer consumed about 23,000t in 2022 and expects to consume about 2,200t in March, in comparison to about 2,530t in February. They hold about 1,500t of stocks now.
A consumer in East China revealed that the supply of cast aluminum scrap kept tight in the past week, and their inventory of aluminum scrap decreases from about 1,600t in early March to current about 1,200t. "On Wednesday, suppliers offered us RMB15,000/t (USD2,194/t) Ex-VAT delivered D/P for aluminum foundry scrap Al 93%min (containing oil) and refused concessions, unchanged from Tuesday. We failed to close deals today while last purchased 64t at RMB15,000/t (USD2,194/t) Ex-VAT delivered D/P four days ago," the source said, adding that cast aluminum scrap suppliers hold back from selling and have strong intention to firm their prices at present, so prices for Chinese cast aluminum scrap might keep firm in the following week.
With an annual consumption capacity of 150,000t, the company used about 41,000t in 2022 and expects to use about 4,400t in March, compared with about 3,850t in February. They hold about 1,200t of stocks now.
Another consumer in East China reported that they saw the tight supply of cast aluminum scrap again from mid-March, and they hold about 1,500t of stocks now, compared with about 2,000t in early March. "On Wednesday, a supplier offered us RMB16,600/t (USD2,428/t) In-VAT EXW D/P for 7XXX composite ingot and refused counteroffers, in line with Tuesday. We didn't purchase today while purchased 500t at RMB16,600/t (USD2,428/t) In-VAT EXW D/P on Tuesday," the source said, adding that the supply of cast aluminum scrap is tight at the moment, so the price of the material in China might keep firm in the week to come.
With an annual consumption capacity of 100,000t, the consumer consumed about 23,000t in 2022 and expects to consume about 2,200t in March, in comparison to about 2,530t in February. They hold about 1,500t of stocks now.
