The A00 aluminium ingot price has recorded a significant rise today, on November 8, by RMB 120 per tonne to stand at RMB 14,230 per tonne, found Shanghai Metals Market. Compared with the price during the same period last month, the ingot price today is standing higher by RMB 180 per tonne, learned SMM. The average prices, as of today, are expected to range between RMB 14,210 per tonne and RMB 14,250 per tonne, with spot contract to be traded at a premium price of RMB 40 per tonne.
Arrivals of limited stocks, resulting in incessant declines in social inventories of primary aluminium, could be attributed to the rise of A00 aluminium ingot price. In Foshan, the ingot price has increased by RMB 100 per tonne to RMB 14,120 per tonne, while that in Wuxi, Chongqing, Shenyang, Tianjin, and Gongyi, has grown by RMB 80 per tonne to come in at RMB 14,180 per tonne, RMB 14,160 per tonne, RMB 14,175 per tonne, RMB 14,180 per tonne, and RMB 14,085 per tonne, respectively.
Backed on the price hike of A00 aluminium ingot and on the decline in aluminium billet inventories, the price of aluminium alloys (ADC12) has also registered a rise today of RMB 50 per tonne to RMB 14,400 per tonne, according to SMM data. The prices of aluminium alloy (A356) and aluminium alloy (A380) have recorded a rise too by RMB 100 per tonne and RMB 50 per tonne to stand at RMB 14,900 per tonne and RMB 15,150 per tonne, respectively.
However, the input costs have shown no sign of growth, as of November 8. While the spot price of alumina has decreased by RMB 4 per tonne to RMB 2,579 per tonne, the prices of other raw materials have remained restrained – the prebaked anode price at RMB 2,980 per tonne, aluminium fluoride at RMB 9,400 per tonne, and bauxite at RMB 560 per tonne.
Responses
