
A00 aluminium ingot price started its downward trend on Tuesday, 28 May 2019, after two back-to-back increases on May 24 and May 27. Aluminium ingot price started the week noticeably higher at RMB14350 per tonne on Monday and ended the week lower at RMB14180 per tonne on Friday, May 31, 2019. A00 Average aluminium price is expected to hover between RMB 14160-14200 per tonne.

Aluminium price in other major China markets showed the same trend starting the week higher and ending lower.
Premium remained unchanged at RMB20 per tonne till Thursday, 30 May. The average premium dropped to RMB10 per tonne on Friday, May 31. As of yesterday, spot aluminium price is likely to trade at a discount of RMB 10 per tonne to a premium of RMB 30 per tonne.
Inventories of primary aluminium continued to decline on brisk demand and limited arrivals. On Monday, social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, dropped 48,000 tonnes from Thursday May 23 to stand at 1.234 million tonnes. The decline in primary aluminium stocks extended on week and came in at 1.212 million tonnes as of Thursday May 30.
On the other hand, the average spot alumina price recorded a dip on Wednesday, May 29, to RMB 3,119 per tonne, after remaining flat at RMB 3,163 per tonne from May 23 to May 28. Alumina price dropped for the second consecutive day and stood at RMB3078 per tonne on Thursday. Restarting of alumina operations and an expectation of a steady supply in the international alumina market put pressure on the domestic prices. The average spot price of alumina recorded no movement at the end of week, found Shanghai Metals Market.

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