Alumina price drops after nearly two weeks of restraint; A00 aluminium ingot price grows by RMB100/t

According to Shanghai Metals Market, the average spot price of alumina has dropped today, on May 28, after remaining restrained at RMB 2,206 per tonne for almost two weeks during May 14-27. The price is now hovering at RMB 2,204 per tonne, registering a decline of RMB 2 per tonne.

However, except the north of China where the price has decreased by RMB 5 per tonne to RMB 2,210 per tonne, the average alumina spot price in the east, central, and south has remained unchanged at RMB 2,190 per tonne, RMB 2,200 per tonne, and RMB 2,520 per tonne, respectively.

Also, the prices of imported alumina and Australian alumina FOB have remained restrained at RMB 2,190 per tonne and US$ 246 per tonne.

But despite the drop in alumina price, the A00 aluminium ingot price has recorded growth today of RMB 100 per tonne to stand at RMB 13,450 per tonne, found Shanghai Metals Market. This hike in the ingot price could be primarily driven by lower inventories in contrast to stable consumption among the downstream sector. The average aluminium ingot prices today are expected to range between RMB 13,430 per tonne and RMB 13,470 per tonne, with spot contract to be traded at a premium price of RMB 100-140 per tonne.

Shenyang has seen the highest growth today in ingot price by about RMB 120 per tonne to come in at RMB 13,415 per tonne. In Tianjin, the price has increased by RMB 110 per tonne to RMB 13,430 per tonne, while that in Gongyi has grown by RMB 105 per tonne to RMB 13,410 per tonne. In Wuxi, Chongqing, and Hangzhou, the aluminium ingot price is up by RMB 100 per tonne, RMB 90 per tonne, and RMB 85 per tonne to stand respectively at RMB 13,450 per tonne, RMB 13,510 per tonne, and RMB 13,465 per tonne. In Linyi and Foshan, the price has increased by RMB 70 per tonne and RMB 60 per tonne.

The price of aluminium alloy (A356) has also grown today by RMB 50 per tonne to RMB 14,200 per tonne. But the prices of aluminium alloys (ADC12) and aluminium alloy (A380) have remained restrained at RMB 13,950 per tonne and RMB 14,850 per tonne.