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13 MARCH 2020 AL CIRCLE

A00 aluminium ingot price continues to drop for the third consecutive day on further rise in inventories this week

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

According to Shanghai Metals Market, the A00 aluminium ingot price today, March 13 has dropped for the third consecutive day. As per the data, the price has plunged by RMB 100 per tonne to stand at RMB 12,650 per tonne. The average prices are expected to range between RMB 12,630 per tonne and RMB 12,670 per tonne, with spot contract to be traded at a discount price of RMB 40 per tonne to RMB 0 per tonne.

A00 aluminium ingot price continues to drop for the third consecutive day on further rise in inventories this week

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In two of the Chinese cities Chongqing and Linyi, the aluminium ingot price has dropped by RMB 100 per tonne as well to come in at RMB 12,660 per tonne and RMB 12,750 per tonne. In Foshan, Shenyang, and Wuxi, the price has declined by RMB 90 per tonne to RMB 12,640 per tonne, RMB 12,705 per tonne, and RMB 12,630 per tonne, respectively. The price in Hangzhou and Gongyi has plunged by RMB 85 per tonne and RMB 80 per tonne to respectively stand at RMB 12,645 per tonne and RMB 12,570 per tonne.

Global Aluminium Industry Outlook 2020

Incessant increases in primary aluminium inventories due to weaker demand in comparison to the production could be attributed to the drop in prices. This week, as of March 12, the social inventories of primary aluminium soared by 105,000 tonnes over the week across eight major consumption areas in China. From 1.488 million tonnes on March 5, the inventories this week grew to 1.593 million tonnes.

The chart below indicates the current status of Chinese primary aluminium inventories in more details:

Aluminium Inventories gained 105,000 tonnes this week

Backed on the drop in A00 aluminium ingot price today, the prices of alloys have also recorded a plunge of RMB 100 per tonne. The price of aluminium alloys (ADC12) has come in at RMB 14,600 per tonne, aluminium alloy (A356) at RMB 13,350 per tonne, and aluminium alloy (A380) at RMB 15,500 per tonne.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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