
According to Shanghai Metals Market statistics, China’s social inventory of primary aluminium including SHFE warrants climbed further to 1.78 million tonnes as of January 2, up 19,000 tonnes from levels seen on December 28. Current stocks in the major Chinese cities are as follows:

Average A00 ingot price increased from yesterday to stand at RMB 14,670 per tonne today and expected to move within a range of RMB 14650-14,690. Spot discount is set to shrink to RMB 330-290/t. Aluminium ingot price in the South China market has dropped slightly to RMB 14,790/t. In other major Chinese markets, A00 ingot prices have registered an increase. SHFE aluminium is set to follow suit and trade at RMB 15,100-15,300/t today.

Despite the increasing inventory in China, primary aluminium prices have been able to hold the ground in China currently. However, it is still under pressure. Spot Alumina prices have registered a rise in all major markets in China. Today’s average spot alumina price has registered a rise to RMB 2863/t. Chalco and imported alumina prices also remain unchanged.
Bauxite (4.5≤Al/Si<5.5) price at Henan province drops to RMB 335 per tonne. Imported bauxite CIF China is up to USD 47.5 per tonne. Prebaked anode remains unchanged.
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