A00 ingot prices fall further on lack of strong fundamentals; raw material prices remain flat
Fundamentals for the lightweight metal remain weak in China. There is lack of activities in the market and domestic prices for most of the raw materials and primary metal remain flat. The market is expected to pick up before the Chinese New Year holidays.
After a moderate gain, average A00 ingot prices have registered a further drop 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. Though the A00 ingot prices showed some gain in mid-January, the trend has been downward since the beginning of 2018.
Prices of primary ingot have dropped across all domestic markets. Aluminium ingot in the east China market remains the lowest at RMB 14,065 per tonne today. Though alloy prices have not been impacted by the drop in primary ingot prices, Aluminum Alloy (A356) prices have registered a drop to stand at RMB 14,800 per tonne today.
As for other major raw materials are concerned, Spot Alumina prices, Bauxite and Prebaked anode prices remain unchanged today.
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