After following a severe downward curve for four days, aluminium prices in China have seen some upward movement today. As updated by Shanghai Metals Market, average A00 aluminium ingot price has gained RMB 40/t on November 23 to stand at RMB 14,800/t from RMB 14,760/t yesterday.
The slight rise in aluminium A00 Aluminum prices has been reflected in all other individual markets in China. A00 ingot prices have registered an increase from RMB 20/t to RMB 70/t across all markets. In the spot market aluminium is trading at a discount of RMB 160-120 /tonne. The little gain in A00 ingot prices in the individual markets can be seen in the table below:
{alcircleadd}As forecasted by SMM, bear’s closing out could prevent SHFE Aluminium from dropping in the short term. In the short focus will be on whether SHFE Aluminium can recover round number of RMB 15,000 per tonne. The most active SHFE Aluminium contract is estimated to move between RMB 14,950-15,200 per ton, with discount of spot at RMB 140-100 per tonne.
The prices of alumina, the prime raw material for aluminium, remain unchanged across all markets in China after consecutive falls in last five days. Average spot alumina prices in China has dropped from RMB 3,701/t to RMB 3,515/t in this five days, causing a drop in aluminium prices.
Bauxite prices also remain unchanged today in all provinces including Henan and Shanxi provinces and hover within a range of RMB 340 to 480 per tonne. Prebaked anode prices remain unchanged across all markets.
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