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28 AUGUST 2018 AL CIRCLE

Chinalco raises non-metallurgical grade alumina floor price; while Chinese alumina spot price shows a hike

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

China’s largest state-owned aluminium producer The Aluminium Corporation of China Limited (Chinalco) has raised its floor price of non-metallurgical grade alumina to RMB 3500 per tonne on Monday, August 27, Shanghai Metals Market learned. This shows a growth of RMB 100 per tonne from the last floor price released on August 17.

Chinalco International Trading Co. has also raised the floor price of spot aluminium hydroxide by RMB 65 per tonne to RMB 2275 per tonne as of August 27, 2018.

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The alumina spot price, according to SMM, has started this week with the continuation of restraint at RMB 3261 per tonne, from August 24 to 27, but followed by a little hike to RMB 3275 per tonne today, August 28.

In the east and south market, the alumina prices have decided to remain unchanged since the latter half of the previous week until today and therefore, continue to stand at RMB 3300 per tonne and RMB 3130 per tonne, respectively. The price in the north, however, displays a little exception as it registers a slight growth today to RMB 3300 per tonne. But till yesterday, the price had shown restraint at RMB 3290 per tonne since August 23.

The A00 aluminium ingot spot price, on the other hand, shows a dip today by RMB 20 per tonne to stand at RMB 14630 per tonne, according to SMM. The average prices are expected to range between RMB 14610 per tonne and RMB 14650 per tonne, with spot discounts to settle at RMB 80 to RMB 40 per tonne. Yesterday, the ingot price had registered a growth over the weekend from RMB 14610 per tonne to RMB 14650 per tonne.

On this continued growth in primary aluminium prices until yesterday, some buyers showed reluctance to purchase and thereby, resulted in increased inventories across eight major consumption areas in China on August 27. Stocks, including SHFE warrants, grew by some 1000 tonnes from last Thursday to stand at 1.739 million tonnes as of Monday, found SMM.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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