Alumina spot price in China inches up by RMB6/t; A00 aluminium ingot price grows with improved trades

The average alumina spot price has increased in China by RMB 6 per tonne after remaining restrained for a day, found Shanghai Metals Market. The price, as of today, February 10, is hovering at RMB 2,467 per tonne. In the east and north, the price has recorded a rise of RMB 20 per tonne and RMB 10 per tonne to come in at RMB 2,475 per tonne and RMB 2,480 per tonne, respectively. In the central and south, the price has remained restrained, however, at RMB 2,480 per tonne and RMB 2,520 per tonnes.

The Australian alumina FOB price has also registered no change from US$280 per tonne since the 5th of February, showed SMM data.

The price of A00 aluminium ingot has also grown today for the fourth consecutive day from RMB 13,560 per tonne to RMB 13,600 per tonne, according to SMM. The average prices are expected to range between RMB 13,580 per tonne and RMB 13,620 per tonne, with spot contract to be traded at a discount price of RMB 80 per tonne to RMB 40 per tonne.

The rise in alumina price could be a reason for the increase in A00 aluminium ingot price today. Besides, improved spot aluminium trades in east and south China,  as traders have stepped up stockpiling with factories in most part of China, have also boosted the price.

But despite the four consecutive rises since last week, the A00 aluminium ingot price could not cross RMB 14,000 per tonne. Rather, it is down by RMB 930 per tonne compared with the same period last month, primarily due to the epidemic Corona Virus outbreak.

Shenyang has seen the highest price rise of RMB 65 per tonne to RMB 13,625 per tonne, followed by Chongqing and Hangzhou, where the price has respectively increased by RMB 60 per tonne and RMB 55 per tonne to RMB 13,630 per tonne and RMB 13,620 per tonne. In Wuxi and Gongyi, the ingot price has inched up by RMB 45 per tonne and RMB 30 per tonne, while that in Tianjin has registered no change.

The price of aluminium alloy (A356) has also surged in China by RMB 50 per tonne to RMB 14,300 per tonne.