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11 OCTOBER 2019 AL CIRCLE

A00 aluminium ingot price extends decline in China due to poor purchase and increasing stocks

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

According to Shanghai Metals Market, the A00 aluminium ingot price has further declined in China by RMB 30 per tonne to stand at RMB 13,970 per tonne, as of October 11. This marks the second consecutive drop this week, bringing the A00 aluminium ingot price lower by RMB 500 per tonne from a month before. Muted purchase amidst increasing stocks is one of the primary reasons for the decline in aluminium ingot price. After the increase in inventories by 75,000 tonnes on Tuesday, October 8, the stocks further rose on October 10 by 8,000 tonnes to come in at 977,000 tonnes.

A00 aluminium ingot price declines by RMB30/t

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The average prices of aluminium ingot today are expected to range between RMB 13,950 per tonne and RMB 13,990 per tonne, with spot contract to be traded at a premium price of RMB 40 per tonne.

Shenyang, Tianjin, Linyi and Gongyi have seen the highest drop of RMB 40 per tonne today to stand at RMB 13,925 per tonne, RMB 13,950 per tonne, RMB 14,000 per tonne and RMB 13,865 per tonne, respectively. In Foshan and Hangzhou, the price has dwindled by RMB 30 per tonne to RMB 13,970 per tonne and RMB 13,980 per tonne, while that in Wuxi dropped by RMB 20 per tonne to also stand at RMB 13,970 per tonne.

No change is found in input costs. The average spot price of alumina is hovering at RMB 2,627 per tonne since the rise yesterday from RMB 2,618 per tonne, while the prices of the prebaked anode, aluminium fluoride and bauxite are standing at RMB 3,030 per tonne, RMB 10,050 per tonne and RMB 560 per tonne, respectively.

The Australian alumina FOB price has also shown restraint today at US$278 per tonne after the drop yesterday from US$280 per tonne, found Shanghai Metals Market.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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