China’s A00 aluminium ingot price loses RMB140/t on wavering consumption by downstream: SMM

According to the Shanghai Metals Market, China's domestic A00 aluminium ingot price has suffered a loss of RMB 140 per tonne on Friday, February 24, after displaying restraint for the past two consecutive days. SMM data shows the price has come in at RMB 18,480 per tonne, standing W-o-W high by RMB 20 per tonne. The average prices are estimated to range between RMB 18,460 per tonne and RMB 18,500 per tonne today, with a spot contract likely to trade at a discount price of RMB 130-90 per tonne.

Muted consumption of the metal, rising inventory, and overseas interest rate hikes together contributed to the poor price trend. Generally speaking, it is currently in the process of transitioning from low to peak season.

In Wuxi, Hangzhou, and Shenyang, China’s domestic A00 aluminium ingot price has plunged by RMB 140 per tonne to stand at RMB 18,465 per tonne, RMB 18,475 per tonne, and RMB 18,480 per tonne, respectively. In Foshan and Tianjin, the primary aluminium ingot price has slumped by RMB 120 per tonne to RMB 18,500 per tonne and RMB 18,520 per tonne, while the price in Chongqing, Gongyi, and Linyi has decreased by 110 per tonne, RMB 100 per tonne, and RMB 90 per tonne to peg at RMB 18,540 per tonne, RMB 18,390 per tonne, and RMB 18,530 per tonne, respectively.

The domestic price of low-carbon aluminium has shrunk by RMB 125 per tonne to stand at RMB 19,088 per tonne as of February 24, found SMM.

In line with the decline of A00 aluminium ingot price, aluminium alloys prices have also recorded a plunge unanimously. Aluminium alloys (ADC12) price, aluminium alloy (A356) price, and aluminium alloy (A380) price have shrunk by RMB 150 per tonne to close the week at RMB 19,750 per tonne, RMB 19,550 per tonne, and RMB 20,750 per tonne on February 24.

Among primary aluminium input costs, China’s domestic aluminium powder price has inched down by RMB 0.10 per kg to stand at RMB 20.20 per kg.