A00 aluminium ingot price remains restraint on muted input costs; Premium price expected to rise
According to Shanghai Metals Market, the A00 aluminium ingot price has remained restrained on Wednesday, August 7, at RMB 13,900 per tonne, amidst muted sentiment across input costs. The average prices are expected to continue remaining the same between RMB 13,880 per tonne and RMB 13,920 per tonne. But the spot contract is expected to be traded at a higher premium price of RMB 50 per tonne.
Spot aluminium has been trading at a higher premium for the past couple of days as sellers are holding firm offers on tighter availability and traders purchasing actively on a bullish outlook for the future market.
However, the restraint of A00 aluminium ingot price has not touched upon all the major Chinese markets today and therefore, a few places like Foshan, Wuxi, and Hangzhou have seen a drop in prices by RMB 10 per tonne, RMB 5 per tonne, and RMB 15 per tonne to stand at RMB 13,890 per tonne, RMB 13,900 per tonne, and RMB 13,920 per tonne, respectively. Gongyi, on the other hand, seen a rise by RMB 5 per tonne to RMB 13,780 per tonne.
As said before the input costs have remained muted, the average spot price of alumina has continued to be at RMB 2,442 per tonne for the second consecutive day, while the prebaked anode price at RMB 3,112 per tonne for the fourth day in a row. The prices of aluminium fluoride, cryolite, bauxite, and aluminium powder have all remained unchanged at RMB 9,850 per tonne, RMB 6,400 per tonne, RMB 560 per tonne, and RMB 17.40 per kg, respectively, as of Augsut 7, found SMM.
The Australian Alumina FOB price has, however, dropped by RMB 3 per tonne to stand at RMB 299 per tonne.
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