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02 NOVEMBER 2019 AL CIRCLE

A00 aluminium ingot price in China swings over the week; Alumina price ends the week with a drop

EDITED BY : HEENA IQBAL 2MINS READ

A00 aluminium ingot price witnessed some swings throughout the week. The aluminium price started the week with an increase of RMB 10 per tonne to RMB 14,000 per tonne. But the ingot price dropped to RMB 13,940 per tonne on Tuesday, an RMB 60 per tonne decline. A00 aluminium ingot price ended the week higher at 14,000 per tonne, up from RMB 13,970 per tonne on Thursday. 

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Source: Shanghai Metals Market

As updated by Shanghai Metals Market, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, declined for the third consecutive week, as arrivals remained limited and consumption stayed robust. Stocks reduced by 12,000 tonnes from a week ago to 870,000 tonnes as of Thursday October 31. The chart below indicates the current status of primary aluminium inventories across China in more detail.

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As far as raw material is concerned, the average spot price of alumina remained flat, except Friday, over the week.  Alumina price was down by RMB 27 per tonne on Friday, 01 November 2019, to RMB 2596 per tonne, after remaining restrained at RMB 2,623 per tonne from October 24-31.

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Source: Shanghai Metals Market

On Friday, prebaked anode prices in China declined after remaining unchanged at RMB 3,030 per tonne for almost a month. Prebaked anode prices in East and Central China markets declined by RMB 50 per tonne each to RMB 2,980 per tonne and RMB 3,040 per tonne on Friday. The prebaked anode spot price in Southwest China was down by RMB 30 per tonne to RMB 3,420 per tonne. The average price of prebaked anode in Northwest China market remained unchanged at RMB 3,575 per tonne.

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Shandong Weiqiao Group, the top aluminium producer in China, reduced the benchmark purchasing price for prebaked anode for the fifth consecutive month by RMB 100 per tonne. This brought the Weiqiao’s prebaked anode purchasing price for November to RMB 2,800 per tonne in cash.


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EDITED BY : HEENA IQBAL 2MINS READ

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