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08 MARCH 2018 AL CIRCLE

A00 ingot price drops further on rising aluminium inventory and Chalco alumina price drop

EDITED BY : BEETHIKA BISWAS 2MINS READ

China metals lost ground on Wednesday as looming U.S. trade tensions overshadowed data that showed February semi—finished aluminium exports surged at the fastest pace in three years in China. Average A00 Aluminum Ingot prices dropped to RMB 13,910 per tonne today.  The prices are expected to range within RMB 13,890 to RMB 13,930 per tonne and spot discounts are expected to settle at RMB 140 to 110 per tonne. Primary ingot prices registered a drop of RMB 120 to 170 per tonne across all domestic markets. 

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China's Foreign Minister Wang Yi remarked at the National People's Congress on Thursday March 8 that the trade war by the US will result in a 'harmful outcome' in today's globalised world. He added that China will respond as necessary in the event of a trade war with the United States.

In an update from SMM, China's social inventory of refined aluminium including SHFE warrants amounted to 2.21 million tonnes as on Thursday March 8, according to data. This is up from 2.19 million tonnes recorded on Monday March 5. SMM expects the demand to bounce back in the second quarter boosting alumina/aluminium demand. The current inventory status in the major Chinese cities is as follows:

This was made worse by a drop of alumina price offered by Aluminum Corp of China (Chalco) and a climbing inventory. China today sees a drop in prices of alumina and A00 aluminium ingot prices across all markets. After the fall in Chalco’s alumina price, average spot alumina price drops across all market today.


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EDITED BY : BEETHIKA BISWAS 2MINS READ

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