China’s A00 aluminium ingot price declines by RMB220/t as consumers feel ambivalent about purchase amid new corona cases

China’s domestic primary aluminium ingot price has slipped on Tuesday, March 22, as rising cases of coronavirus have clouded the growth outlook for top metal consumers. But on the other hand, jitters over supply disruption as Russia-Ukraine peace discussions failed to ease conflict have capped the downfall of the price.

According to the Shanghai Metals Market, A00 aluminium ingot price in China has decreased by RMB 220 per tonne on March 22 to stand at RMB 22,770 per tonne. The average prices are estimated to range between RMB 22,750 per tonne and RMB 22,790 per tonne, with spot contract to be traded at a premium price of RMB 90-50 per tonne.

In Gongyi and Foshan, the primary aluminium ingot price has shrunk by RMB 230 per tonne to RMB 22,620 per tonne and RMB 22,790 per tonne, followed by the decline of RMB 220 per tonne in Wuxi, Hangzhou, and Chongqing to come in at RMB 22,760 per tonne, RMB 22,770 per tonne, and RMB 22,690 per tonne, respectively. In Linyi, Shenyang, and Tianjin, A00 aluminium ingot price has dwindled by RMB 210 per tonne, RMB 165 per tonne, and RMB 120 per tonne to settle at RMB 22,790 per tonne, RMB 22,735 per tonne, and RMB 22,810 per tonne, respectively.

Due to dreary buying sentiment among downstream consumers, aluminium alloy (A356) price has also registered a downfall of RMB 200 per tonne to come in at RMB 24,200 per tonne as of March 22. The average prices are expected to range between RMB 24,100 per tonne and RMB 24,300 per tonne.

Aluminium alloys (ADC12) price and aluminium alloy (A380) price have slipped by RMB 50 per tonne to RMB 22,550 per tonne and RMB 23,550 per tonne, found SMM.

Among primary aluminium input costs, imported bauxite prices from Australia and Guinea have built up by US$2 per tonne to stand at US$46 per tonne and US$57 per tonne, while the imported bauxite price from Indonesia has inched up by US$1 per tonne to settle at US$59.50 per tonne.

Among other raw materials prices, caustic soda (32% concentration) price in Shandong has grown by RMB 50 per tonne to close at RMB 1,000 per tonne as of March 22. The average prices are expected to range between RMB 950 per tonne and RMB 1,050 per tonne.