Aluminum stocks have risen to 413,000-419,900 metric tons in Japan, which is an all-time high, putting pressure on prices as some companies want to destock before March, the end of the Japanese financial year, market sources told Platts today.
Aluminum stocks at 3 main Japanese ports had expanded by the end of December, according to trading house surveys.
With a 2.1% increase over the past day, the 3-month price of aluminum was the biggest mover on the LME, closing at $1,871 per metric ton on Friday, January 23. On the LME, the primary aluminum cash price rose 1.9% to $1,866 per metric ton. After improving for two days, the cash price of primary Indian aluminum declined 0.8% to INR 114.40 ($1.86) per kilogram.
Chinese aluminum prices were flat for the day. The cash price of Chinese aluminum showed little movement last Friday at CNY 12,740 ($2,053) per metric ton. The price of Chinese aluminum bar showed little movement last Friday at CNY 12,750 ($2,054) per metric ton. The price of Chinese aluminum scrap held steady at CNY 12,300 ($1,982) per metric ton. The price of Chinese aluminum billet was unchanged at CNY 13,200 ($2,127) per metric ton.