China's aluminium stockpiles reach new high
Beijing, Feb 24 : China's aluminium inventories reached a record high this week, caused by rapidly growing supply and weak demand in the country, China Daily reported Sunday.
The country's overall aluminium stockpiles climbed to 1.25 million tonnes Monday, almost double the level during the same period late year.
On Jan 10, 2012, this stood at about 700,000 tonnes, analyst Li Xun was quoted as saying.
Li told China Daily the excessive supply in China's aluminium industry will continue at least for the first half of the year.
"The aluminium price will fall by 200 yuan ($32) to 300 yuan a tonne during this week," he said. "That is considered a dramatic price drop in the market."