Japan Aluminium stocks hit record high on increased imports
By retuers , 2014-12-15 12:00:00
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Reuters reported that aluminium stocks held at three major Japanese ports rose for an eighth straight month to hit a record high at the end of November on rising imports and softer demand at home.
Trading house Marubeni Corp said that aluminium stocks held at Yokohama, Nagoya and Osaka rose 14% in November from a month earlier to 378,000 tonnes, the highest level in data going back to April 2000.
A Tokyo based trader said that "An increased number of aluminium ingots are coming to Japan to look for buyers amid slowing demand elsewhere in Asia as China steps up exports of cheaper aluminium products to neighbouring countries."
According to the country's trade data, Japan's import of aluminium ingot rose 16% to 1.43 million tonnes in the January to October period from the same period in 2013. The inventory increase also reflects slowing demand in Japan as consumption and exports remain weak.
The world's third largest economy has unexpectedly slipped into recession. Gross domestic product shrank an annualised 1.6% in the July to September quarter after plunging 7.3% the previous quarter following a rise in sales taxes that clobbered consumer spending.
