China’s alumina spot price shrinks by RMB18/t to RMB2344/t; A00 aluminium ingot price stands at RMB16740/t

The average alumina spot price in China has slipped by RMB 18 per tonne to stand at RMB 2,344 per tonne on Wednesday, February 24, after two consecutive days of restraint at RMB 2,362 per tonne on February 22 and 23, found the Shanghai Metals Market.

SMM data shows the alumina spot price in Shandong has decreased the highest by RMB 35 per tonne to RMB 2,355 per tonne, while the price in Henan and Shanxi has declined by RMB 20 per tonne to come in at RMB 2,340 per tonne. In Guizhou and Guangxi, the average alumina spot price has inched down by RMB 5 per tonne to peg at RMB 2,360 per tonne.

Australian alumina FOB price has continued to remain restrained at US$ 303 per tonne since February 4, 2021, learned SMM.

A00 aluminium ingot price has also witnessed a decline today, on February 24, after rising in the past four consecutive days with the resumption of the market from the Chinese New Year Holiday. According to SMM data, A00 aluminium ingot price has decreased by RMB 40 per tonne to come in at 16,740 per tonne, with average prices expected to range between RMB 16,720 per tonne and RMB 16,760 per tonne. Spot contract is likely to be traded at a premium price of RMB 10-30 per tonne.

Wuxi has seen the highest decline of RMB 85 per tonne to RMB 16,715 per tonne, followed by the decrease of RMB 65 per tonne in Hangzhou to RMB 16,755 per tonne. In Gongyi and Shenyang, primary aluminium ingot price has dropped by RMB 60 per tonne and RMB 55 per tonne to stand respectively at RMB 16,600 per tonne and RMB 16,730 per tonne, while that in Foshan and Chongqing is up by RMB 40 per tonne to RMB 16,740 per tonne and RMB 16,730 per tonnes, respectively.

Aluminium alloy (A356) price has reduced by RMB 50 per tonne to come in at RMB 17,450 per tonne. The average prices are expected to range between RMB 17,400 per tonne and RMB 17,500 per tonne, found SMM.