A00 aluminium ingot price in China records a drop four days in a row

According to the data by Shanghai Metals Market, A00 aluminium ingot price in China has recorded a plunge today, on October 15, by RMB 70 per tonne to stand at RMB 14080 per tonne to RMB 14120 per tonne. This marks a drop in ingot price for the past 4 days in a row. After a hike on October 9 to RMB 14480 per tonne, the ingot price has been registering a fall since Wednesday, October 10. The first plunge was by RMB 40 per tonne, followed by RMB 210 per tonne on October 11 and then by RMB 20 and RMB 70 per tonne on October 12 and 15, respectively.

Today, the average prices are expected to range between RMB 14080 per tonne and RMB 14120 per tonne, with spot discounts to settle at RMB 30 per tonne to RMB 10 per tonne.

In the east and south, the A00 aluminium ingot prices have also dropped by RMB 70 per tonne to settle at RMB 14100 per tonne and RMB 14130 per tonne; while in the north, the price has slipped by RMB 90 per tonne to stand at RMB 14110 per tonne.

The continuous drop in aluminium ingot price for past 4 days in a row could be because of the alumina price drop since October 9. Prior to that, the alumina price showed restraint with no sign of rise or drop. On October 9, the alumina spot price dropped by RMB 57 per tonne to stand at RMB 3227 per tonne, followed by a drop by RMB 90 per tonne to RMB 3137 per tonne on October 10 and continued until October 11. On October 12 and 15, the alumina prices slipped by RMB 65 and RMB 6 per tonne, to stand at RMB 3072 per tonne and RMB 3066 per tonne, respectively.

Australian alumina FOB price has also been plunging since October 10. The first fall was US$ 600 per tonne to US$ 550 per tonne which continued for two days until October 12 and then to US$ 510 per tonne on October 15 per tonne.