Alumina price marks sixth consecutive growth today; A00 aluminium ingot price also rises on further inventory decline

According to Shanghai Metals Market, the alumina spot price has recorded further rise today, April 29, by RMB 26 per tonne to stand at RMB 2,750 per tonne. The alumina spot price started rising since April 22 and today marks the sixth consecutive growth. So, over the week, the alumina spot price ranged between RMB 2,675 per tonne and RMB 2,750 per tonne.

This week-on-week growth takes the ,  higher than the price in the same period last month, which was at RMB 2,694 per tonne, but still down from the price in the contemporary period of February.

In the east and central market, the alumina price has registered growth by RMB 20 per tonne each to peg at RMB 2,760 per tonne and RMB 2,750 per tonne, respectively. In the north and south, on the other hand, the alumina price has climbed by RMB 40 per tonne and RMB 10 per tonne to RMB 2,760 per tonne and RMB 2,720 per tonne.

The Australian alumina FOB price has, however, not shown any change today and still hovering at US$363 per tonne, learned SMM.

Against the rise of alumina spot price today, the A00 aluminium ingot price also did not shy away from recording a growth after a fall on the previous day (April 26) from RMB 14,230 per tonne to RMB 14,170 per tonne. Today the aluminium ingot price after rising by RMB 20 per tonne is standing at RMB 14,190 per tonne, found SMM survey data.

The growth in aluminium ingot price today could also be attributed to the further decline in primary aluminium inventories over the weekend ended on April 29. As buyers continued to stockpile for the upcoming Labour Day holiday and as limited cargoes arrived, the primary aluminium stocks across eight consumption areas, including SHFE warrants, fell by some 43,000 tonnes to 1.47 million tonnes.

The chart below shows the current status of the primary aluminium inventories in more details:

On this fall in inventories across China, the aluminium ingot price in major cities, like Fo Shan, Wuxi, Hangzhou, and Tianjin, has registered growth. While the price in Fo Shan and Wuxi has grown by RMB 30 per tonne to RMB 14,210 per tonne and RMB 14,180 per tonne, the price in Hangzhou and Tianjin climbed by RMB 10 per tonne to RMB 14,200 per tonne and RMB 14,190 per tonne.