A00 aluminium ingot price in China records a surge of RMB620/t on supply woes; Aluminium alloy (A356) price soars to RMB23800/t

According to the Shanghai Metals Market, A00 aluminium ingot price in China has resumed the week after the Chinese New Year holiday with a jump of RMB 620 per tonne to hit a 3-1/2 month high, as the market is bolstered by supply concerns and inventories have touched the lowest since 2007. SMM data shows the price is standing at RMB 22,270 per tonne as of February 7, with average prices likely to range between RMB 22,250 per tonne and RMB 22,290 per tonne. The spot contract is estimated to be traded at a premium price of RMB 30-10 per tonne.

In Linyi, A00 aluminium ingot price has soared by RMB 700 per tonne to stand at RMB 22,320 per tonne, followed by the hike of RMB 650 per tonne to RMB 22,320 per tonne in Shenyang and Tianjin. In Foshan and Wuxi, the primary aluminium ingot price has surged by RMB 630 per tonne to come in at RMB 22,290 per tonne and RMB 22,270 per tonne, while the price in Hangzhou has risen by RMB 625 per tonne to come in at RMB 22,275 per tonne.

The low-carbon aluminium price has expanded by RMB 686 per tonne to peg at RMB 22,928 per tonne, learned SMM.

Backed on the surge in A00 aluminium ingot price, aluminium alloy (A356) price has witnessed a rise of RMB 600 per tonne to settle at RMB 23,800 per tonne, found SMM. The average prices are expected to range between RMB 23,750 per tonne and RMB 23,850 per tonne.

Aluminium alloys (ADC12) price and aluminium alloy (A380) price have increased by RMB 200 per tonne to stand at RMB 21,350 per tonne and RMB 22,550 per tonne, respectively.

Among primary aluminium input costs, the average alumina spot price has gained RMB 41 per tonne to come in at RMB 3,184 per tonne as of February 7, 2022. In Guizhou, the price has increased by RMB 50 per tonne to RMB 3,070 per tonne, while the price in Shandong has grown by RMB 45 per tonne to RMB 3,190 per tonne. In Henan, Shanxi, and Guangxi, alumina price has risen by RMB 40 per tonne to RMB 3,210 per tonne, RMB 3,195 per tonne, and RMB 3,100 per tonne, respectively.

The Australian alumina FOB price has also seen a rise of US$18 per tonne to US$378 per tonne, after being restrained at US$360 per tonne from January 24 to 28.