Aluminium ingot price registers hike two days in a row backed on increasing alumina spot price: SMM

After a fall on last Friday, April 20, A00 aluminium ingot price recorded a rise in two consecutive days this week. On April 23, the price increased right from RMB 13910 per tonne to RMB 14070 per tonne, followed by a further hike to RMB 14120 per tonne today, April 24, Shanghai Metals Market found. The average price is expected to range between RMB 14100 per tonne and RMB 14140 per tonne, with spot discounts to settle at RMB 100 per tonne to RMB 60 per tonne.

In the east China, the ingot price today also recorded at RMB 14120 per tonne, after rising from RMB 14070 per tonne as on April 23. In South and North, on the other hand, the ingot price grew from RMB 14205 per tonne to RMB 14245 per tonne and from RMB 14050 per tonne to RMB 14110 per tonne, respectively.

This rise in primary aluminium price could be attributed to the steady alumina price growth over the month. As of today, April 24, alumina price, according to SMM, increased by 6 RMB per tonne to stand at RMB 2947 per tonne i.e. US$ 428 per tonne. Global alumina price, however, had been showing restraint since late last week at RMB US$ 495 per tonne.

As far as other input costs are concerned, bauxite, pre-baked anode, and aluminium fluoride displayed no change today and are respectively hovering at RMB 495 per tonne, RMB 3135 per tonne, and RMB 9700 per tonne.