China’s A00 aluminium ingot price demonstrates a W-o-W decline of RMB280 with a latest drop of RMB20/t

As of June 12, 2024, China’s latest aluminum price data reveals minor movements across the market. According to the Sanghai Metals Market (SMM), A00 aluminum ingot price has experienced a drop of RMB 20 per tonne followed by a plunge of RMB 360 per tonne on the previous day, settling at RMB 20,790 per tonne.

The latest downfall in China’s domestic A00 aluminum ingot price has demonstrated a week-on-week decline of RMB 280 per tonne from RMB 21,070. This drastic decline in one week suggests a cautious market.

The average range for aluminum ingot is between RMB 20,770-20,810 per tonne, with a spot contract to be offered at a discount price of RMB (-50)-(-10) per tonne.

Aluminum ingot price in Foshan is at RMB 20,650, averaging between RMB 20,630 and 20,760, showing a decrease of RMB 40 per tonne from the earlier day. In Wu Xi , Hang Zhou and Shen Yang region, the aluminium ingot price is RMB 20,800, 20,790 and 20740, decreasing by RMB 30 , 40, and 20 per tonne, respectively. In case of Tian Jin region, the price has increased by RMB 20 per tonne, coming in at RMB 20,890 per tonne. These prices indicate a range of movements across the Chinese primary aluminium market.

Raw material price

The market for bauxite, alumina and caustic soda has remained stable across all the regions, except for Australian alumina FOB price as it has registered an increase of US$10 per tonne, reaching US$505 per tonne. The growth today marks the fourth consecutive day of hike, recording an increase of US$22 per tonne since June 6.

China’s domestic average alumina price has remained unchanged at RMB 3,906 per tonne as of June 12.

Aluminium alloy price

The prices of aluminum alloys have remained unchanged except A356. It has descended by RMB 50 to RMB 21,300, with average prices ranging between RMB 21,100 per tonne and RMB 21,500 per tonne.

Market Analysis

The overall decline in A00 aluminum ingot prices could be attributed to muted buying sentiment across the major regions in China. In contrast, the A356 alloy has shown resilience due to its specialised applications and steady demand from automotive and aerospace industries.