A00 aluminium ingot price records a growth of RMB90/t after three consecutive declines on continued inventory rise

After the three consecutive declines to RMB 13,050 per tonne, as of March 2, the A00 aluminium ingot price has recorded a rise of RMB 90 per tonne on 3^rd of March to come in at RMB 13,140 per tonne, found Shanghai Metals Market. The average prices are expected to range between RMB 13,120 per tonne and RMB 13,160 per tonne, with spot contract to be traded at a discount price of RMB 110 per tonne to RMB 70 per tonne.

Wuxi and Hangzhou have seen the highest rise of RMB 120 per tonne today to RMB 13,150 per tonne and RMB 13,160 per tonne, respectively. In Shenyang, the price has increased by RMB 110 per tonne to RMB 13,165 per tonne, while that in Chongqing and Gongyi by RMB 100 per tonne to stand respectively at RMB 13,160 per tonne and RMB 13,060 per tonne. In Foshan, Linyi, and Tianjin, the price has witnessed a hike of RMB 90 per tonne and RMB 80 per tonne, respectively, to come in at RMB 13,140 per tonne, RMB 13,230 per tonne, and RMB 13,140 per tonne.

Until yesterday, March 2, the A00 aluminium ingot price recorded decline over the last three days, as the social inventories of primary aluminium continued to increase over the weekend across eight major consumption areas in China, including SHFE warrants. SMM data found the inventories increased by 53,000 tonnes from last Thursday, February 27, to 1.438 million tonnes, as of Monday, March 2.

In Wuxi, Shanghai, and Nanhai, the inventories surged by 9,000 tonnes, 10,000 tonnes, and 31,000 tonnes to stand at 536,000 tonnes, 131,000 tonnes, and 357,000 tonnes, respectively. In Gongyi, Tianjin, and Linyi, the inventories grew relatively lesser by 4,000 tonnes and 1,000 tonnes to stand at 214,000 tonnes, 58,000 tonnes, and 12,000 tonnes. In Chongqing and Tianjin, on the other hand, the inventories remained restraint at 11,000 tonnes and recorded decline from 120,000 tonnes to 119,000 tonnes.