Spot aluminium premiums expand in Shanghai; ingot prices fall across all China markets

Shanghai Metals Market research found brisk transactions between traders and the approaching delivery date expanded spot aluminium premiums in Shanghai on Wednesday November 14.

The SHFE aluminium contract for November delivery pared earlier losses in morning trades. Premiums stood at RMB20-30 per tonne over the SHFE 1811 contract.

Against the January contract, Transactions were done in discounts of RMB50-40 per tonne on Wednesday. Most transactions in Shanghai, Wuxi and Hangzhou were heard at RMB 13,730-13,750 per tonne.

With ample supplies in the markets, traders were keen to make transactions while downstream consumers purchased on demand.

In another update from SMM, the average price of A00 Aluminium Ingot has today dropped by RMB 70 per tonne to stand at RMB13640 per tonne, from RMB 13710 per tonne on November 14. The average price would range between RMB 13620 – 13660 per tonne.

Aluminium Ingot prices in East (Wu Xi) and East (Hang Zhou) have fallen by RMB 95 per tonne and RMB 80 per tonne to stand at RMB 13645 per tonne and RMB 13660 per tonne, respectively. In South and North market, the prices stood at RMB13700 per tonne and RMB 13660 per tonne respectively.

In south, the price is expected to range between RMB 13680 per tonne and RMB 13720 per tonne; in north, the price is expected to range between RMB 13650per tonne and RMB 13670 per tonne.