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16 AUGUST 2019 AL CIRCLE

A00 aluminium ingot price continues to grow on steady consumption; Aluminium alloy(A356) price rises further

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

According to Shanghai Metals Market, the A00 aluminium ingot price has extended its growth by RMB 50 per tonne to RMB 14,240 per tonne, as of August 16. This marks the second consecutive rise after the fall on August 14 from RMB 14,250 per tonne to RMB 14,150 per tonne. The average prices today are expected to range between RMB 14,220 per tonne and RMB 14,260 per tonne, with spot contract to be trade at a discount and premium price of RMB 20 per tonne.

A00 aluminium ingot price rises by RMB50/t

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The rise in A00 aluminium ingot price, despite the growth in social inventories, could be the steady consumption of primary aluminium among downstream consumers. China, on the other hand, on Wednesday, August 14, issued a fresh batch of import quotas of 11,290 tonnes for newly restricted high-grade aluminium scrap. This perhaps has led to the tight supply of aluminium scrap in the market, and bolstered the consumption of primary aluminium.

Today, Gongyi has seen the highest rise in aluminium ingot price, followed by Hangzhou, Foshan, Chongqing, and Linyi. In Gongyi, the price has increased by RMB 100 per tonne to RMB 14,110 per tonne, while that in the other cities (stated above) has grown by RMB 65 per tonne and RMB 60 per tonne to stand at RMB 14,250 per tonne, RMB 14,240 per tonne, and RMB 14,200 per tonne respectively.

Red Mud Report

The price of aluminium alloy (A356) has continued to grow as well, by RMB 50 per tonne to RMB 14,950 per tonne. This also marks the second consecutive rise since the fall on August 14, from RMB 14,900 per tonne to RMB 14, 800 per tonne.

As far as the input costs are concerned, the Australian Alumina FOB price has recorded a dip of US$5 per tonne to US$295 per tonne.

The price of aluminium powder, on the other hand, has increased by RMB 0.10 per kg to RMB 17.80 per kg.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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