A00 aluminium ingot price extends its growth today on further inventory decline; Aluminium alloy price also rises

On the further fall of primary aluminium inventories by 12,000 tonnes to 858,000 tonnes over the weekend, the price of A00 aluminium ingot has recorded a rise of RMB 60 per tonne to RMB 14,060 per tonne, found Shanghai Metals Market on November 4. This marks the second consecutive growth since the month began. SMM expects the average prices to range between 14,040 per tonne and RMB 14,080 per tonne, with spot contract to be traded at a premium price of RMB 50-90 per tonne.

SMM data showed the primary aluminium inventories today fell comparatively at a slower pace. On last Monday, October 28, the inventories had declined by 23,000 tonnes over the weekend to come in at 859,000 tonnes. This further illustrates that week-on-week the inventories are down by 1,000 tonnes, as of November 4.

The chart below shows the current status of primary aluminium inventories across China in more details:

Backed on the rise in A00 aluminium ingot price, the price of aluminium alloys (ADC12) has also grown today after over a month by RMB 100 per tonne to stand at RMB 14,250 per tonne. The growth has been found in all the major markets including east, south, and west by RMB 100 per tonne to come in at RMB 14,250 per tonne, RMB 14,200 per tonne, and RMB 13,900 per tonne, respectively.

The prices of aluminium alloy (A380) and aluminium alloy (A356) have also increased by RMB 100 per tonne and RMB 50 per tonne to RMB 15,100 per tonne and RMB 14,700 per tonne, respectively.