A00 Aluminium Ingot prices inch higher across major China markets; Chalco cuts prices

The prices of A00 Aluminium Ingot inched higher across major China markets though there was no fresh news of domestic aluminium output cut after Xinjiang and Shandong. The demand for the metal is estimated to drop in the fourth quarter of the current financial year, when focus will be primarily on production control during winter heating season. Prior to that primary aluminium prices are expected to range widely in the Chinese domestic market.

As on Monday, July 24, the average price of A00 Aluminium Ingot (South China) stood at RMB 14,235 per tonne, the highest among the six market prices. The price rose by 0.04 per cent from its earlier close of RMB 14,230 on July 21.

In terms of the percentage rise, A00 Aluminium Ingot (East China- Zhejiang)) registered the highest jump on July 24. The metal edged higher by 0.11 per cent to stand at RMB 14,200, up from the previous close of RMB 14,185 per tonne on July 21.

In North China, Northeast China, Southwest China, and East China- Jiangsu markets, the average prices of A00 Aluminium Ingot stood at RMB 14,210, RMB 14,135, RMB 170, and RMB 14,185 per tonne respectively on July 24.

A00 Aluminium Ingot traded at a premium of RMB 150 per tonne and at a discount of RMB 110 per tonne.

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China Aluminum International Trading Co. (Chalco Trading) continued slashing aluminium prices it offered in major markets today. The revised prices are as follows:

Unit: RMB per tonne

In a separate report, Shanghai Metals Market stated that the exit of low-cost aluminium capacities in China namely Xinjiang East Hope, Shandong Weiqiao and Shandong Xinfa, will be soon filled by the restart of high-cost capacities.

The rising aluminium prices in the domestic market have helped expand the smelters' profit further to more than RMB 1,100 per tonne as of July 21.