A00 aluminium ingot price records a sweeping growth today in the Chinese market

Backed on continued price growth of alumina and steady movement of other input costs, A00 aluminium ingot spot price today, on August 21, has recorded a sweeping surge to RMB 14550 per tonne, Shanghai Metals Market found. Yesterday, on August 20, the price had shown a little bearish sentiment plunging RMB 40 per tonne from RMB 14360 per tonne to RMB 14320 per tonne. That could be because of the limited arrivals to the inventories but active consumption among the downstream consumers over the weekend.

However, today in contrast, the price has recorded a significant growth of RMB 230 per tonne. The average prices are expected to range between RMB 14530 per tonne and RMB 14570 per tonne, with spot discounts to settle at RMB 70 to 30 per tonne.

All the major markets in China have witnessed a similar growth, including east, south, and north. In the east market, the price has expanded by RMB 225 per tonne to stand at RMB 14545 per tonne, while in the south and north, the prices have surged by RMB 250 per tonne and RMB 185 per tonne to stand at RMB 14690 per tonne and RMB 14535 per tonne, respectively.

It is to be noted that as of today, this has been the second highest price growth this month across all the Chinese markets.

As we mentioned in the beginning about the continued price rise of alumina spot price in the market, let’s take a glance at its movement over the last two days. Yesterday, the price had recorded a growth by RMB 34 per tonne from RMB 3146 per tonne, as of August 17, to RMB 3175 per tonne. This rise further continued till today and concluded at RMB 3198 per tonne.

As far as the prices of other raw materials are concerned such as bauxite, pre-baked anode, aluminium fluoride, and aluminium powder, none of them showed any progress further but neither registered any intermittent plunge.