A00 ingot price registers a moderate gain today; SHFE contract expected to remain firm

Notwithstanding the absence of any strong fundamentals, average price of A00 ingot have registered a moderate gain today to stand at RMB 14,090 per tonne. The prices are expected to move within a range of RMB 14,070-14,110. Spot discount will range within RMB 130-90 per tonne today. 

Average A00 ingot prices saw the biggest rise in the East China market at RMB 85 per tonne. All other individual markets registered moderate gains. Today’s average aluminium ingot prices in the domestic markets are shown in the table below:

As reported by Shanghai Metals Market, spot aluminium in Guangdong area mostly traded at RMB 14,110-14,120 per tonne on Wednesday February 7.  Sellers were unwilling to give in much on prices even though the SHFE contract closed lower. Trading of ingots was more active than that of aluminium billet.

In the Shanghai market, aluminium was traded at RMB 14,060-14,080 per tonne, which translated to discounts of RMB 80-60 per tonne over the SHFE 1802 contract. Cargoes in Wuxi changed hands at RMB 14,040-14,070 per tonne and those in Hangzhou were at RMB 14,080-14,100 per tonne. Sellers’ inactive participation narrowed down the discounts.

The SHFE 1804 contract is stronger and expected to trade at 14,250-14,450 yuan/mt today. Aluminum Alloy prices register no change in today’s market. As for major raw materials are concerned, Spot Alumina prices, Bauxite and Prebaked anode prices remain unchanged today.