
Followed by the decline in social inventories of primary aluminium by 14,000 tonnes, the average price of A00 aluminium ingot has recorded a growth of RMB 30 per tonne to RMB 14,420 per tonne on September 10, found Shanghai Metals Market. Primary aluminium stocks in Gongyi, Henan arrived limited last day which led to the decline in inventories and rise in ingot prices. The average prices are expected to range between RMB 14,400 per tonne and RMB 14,440 per tonne, with spot contract to be traded at a premium price of RMB 40 per tonne.

Until the mid-August, the A00 aluminium ingot price remained sluggish, hovering below RMB 14,000 per tonne. On August 13, the ingot price recorded a sweeping growth of RMB 300 per tonne and since then had been ranging between RMB 14,250 per tonne and RMB 14,420 per tonne. The incessant decline in inventories for the past four weeks could be attributed to the growth in aluminium ingot price. Month-on-month, as on today, the aluminium ingot price is standing at RMB 500 per tonne higher, according to SMM data.
While the ingot price today has touched upon all the major Chinese markets, the price in Wuxi and Chongqing has increased by RMB 30 per tonne to stand at RMB 14,410 per tonne and RMB 14,440 per tonne. In Hangzhou, Shenyang, and Linyi, the price has increased by RMB 25 per tonne to RMB 14,425 per tonne, RMB 14,365 per tonne, and RMB 14,415 per tonne. In other markets, the ingot price has grown by RMB 20 per tonne and RMB 10 per tonne.
According to SMM, no input cost has registered a growth today. While the average spot price of alumina is continuing to hover at RMB 2,547 per tonne, the prebaked anode, aluminium fluoride, and bauxite are found restrained at RMB 3,042 per tonne, RMB 10,050 per tonne, and RMB 560 per tonne. The Australian alumina FOB price has also remained unchanged at US$296 per tonne since September 3, 2019.
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