Japan Aluminum Stockpiles Rise to Highest Since 1998

March 13 (Bloomberg) -- Aluminum stockpiles in Japan, Asia’s largest importer, climbed 3.1 percent to the highest in more than 10 years in February as a worsening recession slashed demand for the metal used in cars, houses and electric machinery. Inventories in Yokohama, Nagoya and Osaka ports gained 11,400 metric tons from a month ago to 374,600 tons at the end of February, Japanese trading company Marubeni Corp. said today. The volume was the largest since September 1998 when they reached 401,000 tons, according to Marubeni, Japan’s largest importer. Inventories swelled as the world’s second-largest economy contracted at the fastest pace since 1974 last quarter, raising unemployment and spurring consumers to cut spending. Japan’s shipments of aluminum rolled products plunged by 31 percent from a year earlier to 122,193 tons in January, according to the Japan Aluminium Association. It was the fourth straight month of drop and the largest slump since November 1980 as manufacturers reduced production and cut raw material purchases. A breakdown of the Japanese stockpiles data follows: =============================================================== Yokohama Nagoya Osaka Total =============================================================== Feb. 28, 2009 172,800 186,800 15,000 374,600 Jan. 31, 2009 171,500 177,700 14,000 363,200 Feb. 29, 2008 99,700 88,500 16,000 204,200 (Figures are in metric tons.) =============================================================== To contact the reporters on this story: Jae Hur in Singapore at jhur1@bloomberg.net; Aya Takada in Tokyo atakada2@bloomberg.net.