Today, May 25, 2018, is the second day in a row that average A00 aluminium ingot price witnessed a surge from RMB 14570 per tonne, as on May 24, 2018, to RMB 14670 per tonne, according to Shanghai Metal Market. The prices are expected to range between RMB 14650 per tonne to RMB 14690 per tonne, with spot discounts to settle at RMB 80 per tonne to RMB 40 per tonne. Primary ingot prices registered a growth of RMB 10 to 100 per tonne across all domestic markets.
{alcircleadd}While in the east, the ingot price soared from RMB 14610 per tonne, as on May 24, to RMB 14670 per tonne on May, 25; in South and North, the prices grew from RMB 14615 per tonne to RMB 14695 per tonne and from RMB 14595 per tonne to RMB 14660 per tonne respectively.
The below table shows the aluminium ingot price movement in China for more details:
The A00 aluminium ingot price rise in two consecutive days could be primarily attributed to the incessant fall of primary aluminium inventory in the past couple of weeks, especially the highest weak-on-weak decline on Thursday, May 24, 2018, with fewer deliveries to warehouses and steady consumption among downstream players.
The aluminium price has gained globally as well by 0.5 per cent, as on May 24, 2018, backed by UC Rusal’s recommencement of aluminium shipment to some of its consumers on the extension of the US sanctions against the company.
Alumina spot price, on the other hand, according to SMM, remained unchanged from May 22 to May 25 at RMB 3065 per tonne.
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